Monday, October 12, 2015

HFF closes $14.35 million sale of two Tampa, FL-area neighborhood shopping centers

Northwest Plaza, Citrus Park Neighborhood, Tampa, FL
ORLANDO, FL –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $7.65 million sale of Northwest Plaza and the $6.7 million sale of Suncoast Crossing, two neighborhood shopping centers in the Tampa, Florida, area. 

HFF arranged the sales of both properties on behalf of the seller, Redstone Investments.  

Cole Credit Property Trust, IV, Inc. (CCPT IV) purchased Northwest Plaza, and APTT Investments, LLC purchased Suncoast Crossing in two separate transactions.  VEREIT, Inc. completed the Northwest Plaza transaction on behalf of CCPT IV.

The 100-percent-leased Northwest Plaza is anchored by LA Fitness.  The adjacent outparcels were not included in the sale.  The retail center’s 46,904 square feet of retail space is housed on 5.2 acres at 5715 Gunn Highway in northern Tampa’s Citrus Park area.  The property is at the signalized intersection of Gunn Highway and Anderson Road, which, with 14 lanes of traffic and nearly 53,000 cars per day, is one of the top two most heavily-trafficked intersections in the trade area. 

Built in 2007, Suncoast Crossing is a 29,289-square-foot retail shopping center anchored by Petco and shadow-anchored by SuperTarget.  The 100-percent-leased center’s tenant roster also includes Anytime Fitness, Happy Nails, Majik Touch Cleaners, Pizza Hut, Supercuts, Pinch a Penny and Trailside Bikes.

Suncoast Crossing, Odessa, FL
 Three outparcels not included in the sale are leased to Chili's Grill & Bar, Starbucks and McDonalds.  Situated on 4.9 acres at 16248 State Road 54, the primary east-west roadway in the region, the center is located next to the entrance to Suncoast Parkway in Odessa, a northern Tampa suburb. 

The HFF investment sales team representing the seller was led senior managing director Brad Peterson and associate director Whitaker Leonhardt.

“Tampa continues to demand attention from real estate investors ranging from institutional to private,” Peterson said.  “With these two shopping centers, the value created by Redstone Investments resonated with the investment community.  The strong fundamentals of the real estate combined with the attractive anchors and ideal demographics created the perfect environment for successful transactions.” 

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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