40,659-SF Shopping Center Building in Tampa, FL Sells for $5.4 Million

                                   Terrace Oaks Plaza, Tampa, FL

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Terrace Oaks Plaza, a 40,659-square foot shopping center located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $5,400,000 sales price equates to $133 per square foot.

James Medefind

James Medefind and Patrick Whitney, investment specialists in Marcus & Millichap’s Tampa, Florida and Dallas, Texas office, had the exclusive listing to market the property on behalf of the local seller, a private investor.  Medefind procured the international buyer, a partnership based in Canada.

Terrace Oaks Plaza was built in 1986 and is located at 11301 North 56th Street.  This fully stabilized shopping center is located within walking distance of the University of South Florida, one of the nation’s largest universities.  Other nearby attractions includes Busch Gardens, Adventure Island, the Museum of Science and Industry (MOSI) and the Sun Dome.

Patrick Whitney

“Financing was a key element in getting this deal closed.  Non-recourse financing is available again for quality, stabilized assets,” said Medefind in a statement.  “There were a total of nine offers from a mix of local and international investors.” 

He adds, “The seller benefited from our ability to access capital from outside markets and we found a seasoned foreign buyer who was able to purchase a quality deal here in Florida.”

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

Richard D. Matricaria

Regional Manager

 Tampa, FL

(813) 387-4700