Plaza Advisors is pleased to announce the sale of Horizon Park, a 215,713 square foot shopping center, located on the heavily trafficked Hillsborough Avenue, featuring a daily traffic count exceeding 71,000 vehicles. The asset was constructed in 1971, renovated in 1980 and 1988 and was 86% leased at the time of sale.
Horizon Park anchor tenants include; dd’s Discount, Conn’s Home Plus, Northern Tool and Guitar Center. The center tenant roster includes several national credit operators including; Dollar General, Pizza Hut, Metro PCS, Amscot and Sally Beauty. Two improved outparcels, with Wells Fargo and Applebee’s, were including in the sale.
The shopping plaza was sold by CRP II – Horizon Park, LLC. The Buyer and sale price were undisclosed. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller and were the only brokers involved in the transaction.
“Horizon Park has truly prospered through the test of time” noted Jim Michalak of Plaza Advisors. Plaza Advisors sold the center to CRP in 2011. “Grocery anchored centers have historically been the most desired by the capital markets. However, we have witnessed a surge of interest in traditional power and community centers, similar to Horizon Park, due to the attractive risk-adjusted returns.” Michalak elaborated.
Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the Southeastern United States. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.