Fairway Investments acquired the grocery anchored retail property
TAMPA, FL (January 20, 2023) – Franklin Street has arranged the sale of a newly constructed shopping center, anchored by top-performing grocer Publix. The 64,441-square-foot Livingston Market Place is located in Lutz, a suburb of Tampa approximately 15 minutes north of the city’s center.
The Franklin Street Retail Investment Sales Team of Bryan Belk and John Tennant, based in Atlanta, brokered the transaction on behalf both the seller / developer, 29:11 County Line LLC, a partnership between Dunphy Development, a Tampa-based developer, and Atlanta-based Batson-Cook Development, and the buyer, Birmingham, Alabama-based Fairway Investments. The buyer, which focuses on the acquisition of stabilized, operating properties, plans to hold the asset long-term.
Completed in 2022, Livingston Market Place is fully occupied. In addition to Publix, tenants include Heartland Dental, Papa Johns, Prime Barbers and 40 Thieves Irish Pub, among others.
“As Florida continues to benefit from favorable migration trends, Fairway Investments sought to expand its portfolio in the state with a high-performing retail asset,” said Belk. “Livingston Market Place was perfectly suited for its location in a high-growth submarket and exceptional anchor in Publix, which is projected to see extremely high sales due to limited grocer competition in the trade area.”
Added Tennant, “Despite the headwinds of slower transaction volume brought on by rising interest rates, this deal demonstrates that well-located, grocery-anchored shopping centers remain one of the most attractive investment opportunities in the market.”
Situated on 32.76 acres at 2701-2801 E. County Line Road, Livingston Marketplace benefits from proximity to numerous retailers, including the Tampa Premium Outlets, as well as significant number of new home starts by national homebuilders in the surrounding trade area.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.