TAMPA, FL—For all the talk of South American dollars flowing into Miami, the Tampa Bay area is vying for its share of these foreign investors. And a retail center in Spring Hill, a city in Hernando County that's part of the Tampa Bay Metropolitan Statistic Area, found favor with South American buyers.

The Shoppes of Spring Hill, a 10,880-square-foot class A retail center located at 1859 Commercial Way in Spring Hill, sold for $4 million. A private South American investor acquired the property from the original developer, Gulfstream Spring Hill. CBRE represented the seller.

“Private investors from South America have historically focused on South Florida, but in the last couple of years, we've seen more South American investors looking to acquire retail assets in the Tampa Bay market,” says CBRE's Mark Shellabarger. “The buyer of Shoppes of Spring Hill was attracted to the center because of its national tenants, high-quality improvements and key location in Spring Hill.”