TAMPA-Horizon Park Shopping Center has traded for $18.9 million. The center offers 215,713 square feet of gross leasable retail space and is anchored by Babies R' Us, Northern Tool and Equipment, Office Depot, Save A Lot and Guitar Center.
Plaza Advisors exclusively represented the seller, an entity affiliated with Phillips Edison and Co. Plaza Advisors co-managing partners Anthony Blanco and Jim Michalak, together with senior associate Lenard Williams were involved in the engagement. The buyer was an entity affiliated with Forge Capital Partners.
Located Hillsborough Avenue, immediately west of Dale Mabry Highway, Horizon Park Shopping Center is 91% leased. The asset was constructed in 1971 and renovated in both 1980 and 1988.
Blanco tells GlobeSt.com that Horizon Park received significant interest from the capital markets based on the property's location in central Tampa, high traffic counts, dense population base and the regional draw of its anchor tenants. What’s more, he says, the new Save-A-Lot store added a retail anchor that investors prefer in today's marketplace, illustrating that national and regional tenants are doing deals at the property.
“The buyer is based in Tampa, knows very well the intricacies of this property and performed very well, in our opinion,” Blanco says. “We expect that under their management, Horizon Park will continue to thrive with high occupancy rates well into the foreseeable future.”
Investment activity in Tampa continues to rebound from recessionary lows, as expanded financing capacity and investors seeking to deploy capital have supported a surge in deals, according to Marcus & Millichap. Single-tenant, net-leased product accounts for the largest share of sales, with drugstores drawing keen interest. M&M reports interest in shopping centers with highly rated in-line tenants has also picked up as financing has improved, and these properties will likely sell at cap rates starting close to 9%.
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