Tampa Retail Center Trades for $8M

HFF brokered the sale of a 46,904-square-foot shopping center on behalf of the seller, a subsidiary of Cole Corporate Income Trust IV.
Northwest Plaza

ACRE Investment Co. has acquired Northwest Plaza, a 46,904-square-foot retail center in Tampa, for $7.7 million. HFF arranged the sale on behalf of the seller, a subsidiary of Cole Corporate Income Trust IV. The retail space was 94 percent leased at the time of the sale.

Situated at 5717 Gunn Highway in Tampa’s Citrus Park area, the retail center occupies 5.2 acres near Freeway 589, approximately 14 miles from the city’s downtown. Additionally, the retail space is located at an intersection which provides exposure to more than 55,000 vehicles per day.

Northwest Plaza is anchored by LA Fitness and additional tenants include DNC Supplements, LaLa Nails & Salon, JJ Smoothy and Chase Bank. A non-owned Walgreens, Burger King and Shell Station are also located at the retail center.

HFF’s investment advisory team included Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Director Michael Brewster. In December, the firm also arranged the sale of a 13,905-square-foot retail building in Clear Lake, Texas.

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