Tampa-Area Retail Sells for $29M

Retail Value Inc. traded the grocery-anchored retail center located in Plant City, Fla. approximately 25 miles from downtown Tampa. HFF arranged the sale on behalf of the seller.
Lake Walden Square

JBL Asset Management has acquired Lake Walden Square, a 244,529-square-foot, grocery-anchored retail center in Plant City, Fla., for $29 million. HFF marketed the property on behalf of the seller, Retail Value Inc. The asset traded free and clear of existing debt. 

Located at 105-240 W. Alexander St., the shopping center occupies 26.8 acres at the corner of West Alexander Street and James L. Redman Parkway, which provide exposure to more than 52,000 cars, daily. Additionally, the property is near freeways 574 and 92 and Interstate 4, roughly 25 miles from downtown Tampa. 

Approximately 38,900 people live within a 3-mile radius, with an average income of around $68,000. Anchor-tenants of the center include Winn Dixie, Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear and Continuecare Medical. The property is also home to Amscot Financial, Fantastic Sams and Crickett Wireless.

“The Tampa MSA continues to be high on the list for Florida retail investors,” said Eric Williams, director at HFF, in prepared remarks. “The strong surrounding economic demand drivers along the thriving Interstate 4 corridor coupled with a best-in-class anchor lineup and strong tenant sales performance attracted investors to Lake Walden Square.”

In March, JBL Asset Management traded a 22,836-square-foot retail asset in Knoxville, Tenn., for $3.3 million. 

Photo via Google Street View