Newly built 74,300-square-foot shopping center is located in one of Tampa’s fastest-growing submarkets
RIVERVIEW, Fla. (August 23, 2017) – Colliers International Tampa Bay has handled the sale of Rivercrest Commons, a 74,300-square-foot shopping center in the Riverview submarket of Tampa. The buyer is Nicklaus of Florida, Inc., a private real estate investment group based in St. Petersburg.
The newly constructed shopping center is anchored by a 47,000-square-foot Publix Super Market’ plus 16,100 square feet of adjoining shop space. In addition to the main shopping center, the sale also included two outparcels improved with buildings at contain 5,200 square feet and 6,000 square feet, respectively.
Rivercrest Commons is located at 11404-11478 South U.S. Highway 301. The property has high visibility along a major thoroughfare that sees an average of 43,500 vehicles per day.
Colliers International represented the two seller in the transaction: a joint venture with Dunphy Properties, a Tampa-based retail development company, and Batson-Cook Development, an Atlanta-based development and capital solutions company.
The Colliers brokers who handled the sale are Mike Milano, CCIM, MAI, Managing Director of Retail Investment Services in Tampa Bay and Sean Glickman, CCIM, Managing Director of Retail Investment Services in Central Florida, as well as Atlanta-based brokers Joe Montgomery, Senior Vice President of Retail Investment Services, and Tony D’Ambrosio, Vice President of Retail Investment Services.
In addition to Publix, the property includes a mix of necessity-based tenants such as Dunkin’ Donuts, Marco’s Pizza, an urgent care office, dentist office, hair salon, tutoring center and dry cleaning service.
Rivercrest Commons is centrally located in one of the Tampa Bay area’s fastest growing residential and commercial markets. Riverview’s residential population has increased by nearly 20 percent since 2010.
“A grocery-anchored shopping center in a successful, fast-growing suburban area is an extremely valuable asset in today’s market,” said Colliers’ Milano. “Rivercrest Commons has great potential for return on investment and is a strong addition to the buyer’s growing portfolio.”
The buyer, Nicklaus of Florida, Inc. is the former owner of the well-known Sirata Beach Resort on St. Pete Beach. After selling the resort earlier this year, the group has been building a diverse portfolio of quality real estate properties in the area.
The buyer was represented by Cason Chatum, M.A, sales agent with REALNET, a Tampa-based real estate brokerage company.
About Colliers International Group
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