Franklin Street Brokers $7.5M Sale of The Shoppes At Terra Bella in Lutz, FL
The Shoppes at Terra Bella sold for $471.76 per square foot
Tampa, FL (June 11, 2020) Franklin Street has brokered the sale of The Shoppes At Terra Bella, a new construction 16,057SF retail strip near Tampa’s Premium Outlets located in the city of Lutz, Florida.
Franklin Street’s Retail Investment Sales teams, Bryan Belk, John Tennant and Ryan Derriman represented the seller, Paradise Ventures, in the $7,575,000 transaction. The buyer, Verdi River Way Limited Partnership, paid $471.76 per square foot.
“We were able to attract an all cash investor who was able to see the future beyond COVID-19 and a return to normalcy. They understood the tenants were less effected by the virus as opposed to sit down casual dining restaurants or big box retailers,” said Ryan Derriman, Director for Franklin Street Real Estate Services.
“Buyer’s continue to flock towards well location retail strips with carefully curated tenant mixes. This center fronted a heavily trafficked corridor with 75,000 VPD. The properties new construction and long-term leases from strong guarantees attracted multiple Real Estate Funds and private investors to bid on the asset, and we ultimately selected an all cash West Coast 1031 buyer,” said Bryan Belk, Senior Director for Franklin Street Investment Sales.
As many multi-tenant retail centers have fallen out of contract because of the investor concerns due to the COVID-19 crisis, this one found it’s way to the closing table.
The Shoppes at Terra Bella is located at 23641 SR 54, Lutz, FL a suburb of Tampa. A new construction retail strip, the Shoppes at Terra Bella has a large national tenant base including AT&T, Firehouse Subs, Tropical Smoothie Cafe, Sport Clips, First Watch, & Dental Care Alliance.