Friday, March 1, 2019

HFF announces $7.7 million sale of LA Fitness-anchored retail center in Tampa, FL



LA Fitness in Northwest Plaza, 5717 Gunn Highway,
Citrus Park area,Tampa, FL
Brad Peterson
ORLANDO, FL – – Holliday Fenoglio Fowler, L.P. (HFF) announces the $7.7 million sale of Northwest Plaza, a 46,904-square-foot retail center anchored by an LA Fitness in Tampa, Florida.

The HFF team marketed the property on behalf of the seller, a subsidiary of Cole Corporate Income Trust IV, Inc.  ACRE Investment Company, LLC purchased the center.

In addition to LA Fitness, the 94.2-percent-leased Northwest Plaza is home to DNC Supplements, LaLa Nails & Salon, JJ Smoothy and a Chase Bank ATM. 

A non-owned Walgreens, Burger King and Shell Station are also at the property. 

Whitaker
Leonhardt
Situated on 5.2 acres at 5717 Gunn Highway in Tampa’s Citrus Park area, the center is proximate to Veterans Expressway, the most heavily traveled north-south road through the county, and in Citrus Park’s dominant retail corridor, which includes the 1.14 million-square-foot Westfield Citrus Park Town Center and the Citrus Park Mall, a tremendous regional draw in northwestern Tampa. 

More than 99,000 residents with an average annual income of $83,870 live within a three-mile radius of Northwest Plaza.

The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and director Michael Brewster.

“Northwest Plaza is ideally situated at an intersection with more than 55,000 vehicles per day passing by the property and is directly across the street from a recently redeveloped Publix-anchored shopping center,” Leonhardt said. 

Michael Brewster
“This offering presented a unique opportunity to add another fitness-anchored property to the buyer’s portfolio.”

“HFF continues to be very active in the Tampa Bay region and just recently hit the market with a single-tenant Panera Bread ground lease in Lakewood Ranch,” Peterson added. 

 “This is the second time we have sold Northwest Plaza, and, in the last 18 months, we have closed on the sale of The Groves in Lakeland, Merchants Square in Zephyrhills and Wawa in Carrollwood.”


CONTACTS:

BRAD PETERSON
FL Lic. #BK3162030
HFF Senior Managing Director
(407) 745-3900

WHITAKER LEONHARDT
FL Lic. #SL3221137
HFF Senior Director
(407) 745-3900

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403


No comments:

Post a Comment