Monday, April 8, 2013

HFF closes $30 million sale of Van Dyke Commons in suburb of Tampa, FL


Van Dyke Commons, Lutz, FL
ORLANDO, FL - HFF announced today that it has closed the sale of Van Dyke Commons, a 139,347-square-foot retail center in Lutz, Florida.

HFF marketed the property on behalf of the seller, iStar Financial Inc. (NYSE: SFI).  Prestige Properties & Development purchased the unencumbered property for $30 million.

Van Dyke Commons is located at the intersection of Van Dyke Road and North Dale Mabry Highway approximately 15 miles northwest of downtown Tampa.  Built in 2007, the retail center is 100 percent leased and includes a 0.88-acre undeveloped outparcel.   Van Dyke Commons is anchored by LA Fitness, HomeGoods and Golfsmith.

Brad Peterson
The HFF team representing the seller was led by senior managing director Brad Peterson and director analyst, Kim Flores.

“Van Dyke Commons was highly sought after by investors because it was located in a primarily institutionally-owned submarket.  The population growth and income demographics in the surrounding area significantly outpace the Tampa metro-wide averages. 

Kim Flores
“However, what really captivated investors was the strong performance by each of the anchors, shop occupancy, retention rate and the huge volume of daily traffic to the property driven by LA Fitness,” commented Peterson.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

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