Tampa-area shopping center with a Winn-Dixie sells for $29M

Tampa-area shopping center with a Winn-Dixie sells for $29M

Sunday, July 15, 2018

Lake Walden Square in Plant City (Credit: Crexi.com)

A Tampa-area shopping center with a Winn-Dixie anchor store and a 93.3 percent occupancy rate sold for about $118 per square foot.

KBL Asset Management bought the grocery-anchored shopping center in Plant City from Retail Value Inc. for $29 million.

Other tenants of 244,529-square-foot Lake Walden Square include Ros Dress for Less, Marshalls, PetSmart, Ulta Beauty, Five Below and Famous Footwear, plus Firehouse Subs and Wasabi Japanese Steakhouse.

Lake Walden Square occupies 26.8 acres where West Alexander Street intersects James L. Redman Parkway, “the dominant retail intersection serving Plant City,” according to a press release by Holliday Fenoglio Fowler, L.P., (HFF) which marketed the property on behalf of the seller.

HFF also reported that 38,967 residents whose annual incomes average $68,173 are within three miles of the shopping center.

The Tampa metropolitan area remains “high on the list for Florida retail investors,” Eric Williams, an HFF director, said in a prepared statement, citing “the thriving I-4 corridor” between Tampa and Orlando.

Williams represented Retail Value Inc. in the $29 million transaction together with Daniel Finkle, co-head of the retail practice at HFF, and managing director Luis Castillo. Retail is a publicly traded company listed on the New York Stock Exchange under ticker symbol RVI. – Mike Seemuth


Source: The Real Deal