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| 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.
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| 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.
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| 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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