Marcus & Millichap announced the sale of the Heart of Florida Shopping Center, a 131,501-square-foot retail property located in Haines City.
The asset sold for $13.8 million, according to John M. Leonard, regional manager of the firm’s Atlanta office.
Tim Giambrone, an investment specialist in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a private investor. Giambrone also secured and represented the buyer, another private investor. Ryan Nee, Marcus & Millichap’s broker of record in Florida, assisted in closing this transaction.
“The environment continues to be ideal for sellers due to a limited supply of reliable assets, plenty of liquidity and low interest rates. However, recent plans from the Federal Reserve to begin tapering its bond purchasing program could eventually lead to a change in the market. In the meantime, though, savvy sellers will continue to reap the benefits from buyers who need to spend money to achieve decent returns,” noted Giambrone.
The Heart of Florida Shopping Center is located at 35938 US-27 in Haines City. The property currently has over 3,850 square feet available for lease, with rents below market, and boasts more than 1,300 feet of visibility on US Hwy 27. It contains a diverse mix of national, regional and local tenants, with its national tenants representing 61 percent of its revenue.
“This is a stabilized center with a tenant lineup heavily shifted in favor of national tenants Big Lots, Tractor Supply and Dollar General Market. The area reflects population growth of over 70 percent since 2000,” Giambrone added. “The property is positioned parallel to a major thoroughfare with excellent visibility and a traffic count exceeding 54,000 vehicles daily. Our marketing campaign yielded multiple offers, including several at full price.”
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