Grocery-Anchored Shopping Centers Attract Interest in Tampa Bay Area

TNP Strategic Retail Trust—a public non-traded REIT that invests in grocery- and drug store-anchored retail properties—purchased the Bloomingdale Hills retail center in the Tampa suburb of Riverview for an undisclosed amount.

TNP Strategic Retail Trust—a public non-traded REIT that invests in grocery- and drug store-anchored retail properties—purchased the Bloomingdale Hills retail center in the Tampa suburb of Riverview for an undisclosed amount.

Anchored by Wal-Mart Neighborhood Market, the 78,686-square-foot Bloomingdale Hills is set at the intersection of West Bloomingdale Avenue and Providence Road in Riverview. The property comprises approximately 78,500 square feet of rentable space, as well as a fully improved, undeveloped land parcel.

Built in 2002, the center is 100 percent leased to multiple tenants, including St. Joseph’s Children’s Hospital of Tampa. Moreover, anchor tenant Wal-Mart is signed to a 15-year lease and holds a Standard & Poor’s ‘AA’ credit rating as one of the world’s largest retailers.

This is not the sole Tampa Bay-area shopping center to change hands in the past weeks. J.S. Karlton Co. recently acquired the Venice Pines Shopping Center in Venice, Fla., for the reported amount of $10.4 million, free and clear of debt. The 97,000-square-foot Venice Pines Shopping Center is located at 1254 Jacaranda Blvd., at the intersection of Center Road in Venice; the retail center features a Sweetbay Supermarket and serves a residential population of approximately 43,000 within a three-mile radius, with a median household income of $68,700.

Seller Weingarten Realty Investors—a commercial real estate owner, manager and developer—was represented in the transaction by Holliday Fenoglio Fowler L.P.’s senior managing directors Brad Peterson and Doug Hazelbaker.

According to Peterson, “This sale is another example of how the investment market has gotten red-hot for high-quality grocery-anchored centers like Venice Pines Shopping Center. HFF has recently marketed several grocery-anchored centers in Florida, including those anchored by Publix, Wal-Mart Neighborhood Market, Winn-Dixie and Sweetbay, and the interest level from investors has been exceptionally strong across the board.”

Image via Weingarten Realty Investors official website