JBL Buys Plant City Retail Center for $29M
The sale transaction for the 93.3%-leased shopping center was announced by brokerage firm HFF, which marketed the property on behalf of the seller, Retail Value Inc, which earlier this month spun off of Beechwood, OH-based DDR Corp.
PLANT CITY, FL—Hollywood, FL-based JBL Asset Management has acquired the nearly 245,000-square-foot Lake Walden Square shopping center here for $29 million.
The sale transaction for the 93.3%-leased shopping center was announced by brokerage firm HFF, which marketed the property on behalf of the seller, Retail Value Inc, which earlier this month spun off of Beechwood, OH-based DDR Corp.
The HFF investment advisory team that represented Retail Value Inc. in the transaction included director Eric Williams, senior managing director and co-head of HFF’s retail practice Daniel Finkle and managing director Luis Castillo.
JBL acquired Lake Walden Square, which is located approximately 30 miles outside of Tampa, free and clear of existing financing. The property is anchored by Winn Dixie, Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear and Continuecare Medical.
Other notable tenants include: Amscot Financial, Fantastic Sams, Cricket Wireless, Queen Nails, Sally Beauty Supply, Firehouse Subs and Wasabi Japanese Steakhouse.
Net proceeds of the sale were used to repay mortgage debt associated with Retail Value Inc. Subsequent to the transaction, RVI owned interests in 34 properties located in the continental U.S. and 12 properties in Puerto Rico.
Earlier in the month, Retail Value sold the Tequesta Shoppes in the suburb of West Palm Beach in Tequesta, FL for $14.3 million.
The Lake Walden Square shopping center is situated on a combined 26.8 acres at 105-205 West Alexander St. and is at the hard corner of West Alexander Street and James L. Redman Parkway. The area has a combined traffic count of 52,446 and is the dominant retail intersection serving Plant City, according to HFF.
“The Tampa MSA continues to be high on the list for Florida retail investors,” HFF’s Williams says. “The strong surrounding economic demand drivers along the thriving I-4 corridor coupled with a best-in-class anchor lineup and strong tenant sales performance attracted investors to Lake Walden Square.”
More than 38,967 residents earning an average annual income of $68,173 live within a three-mile radius of the center, according to HFF.