TAMPA, Florida —
Franklin Street announced it has brokered the sale of Oakview Plaza, located at 38923 County Road 54 in Zephyrhills, Florida, for $6.4 million. Franklin Street represented the seller, Merrimac Ventures, a prominent South Florida-based real estate development firm led by Dev and Nitin Motwani. Merrimac Ventures has completed more than $3 billion in real estate projects to date and manages an active pipeline exceeding $3.7 billion with signature developments including the Waldorf Astoria Private Residences in Pompano Beach, Bungalow East in Fort Lauderdale Beach, and the Four Seasons Hotel & Private Residences in Telluride. New York based New Hyde Park Fruit Corporation was the buyer.
“This deal attracted significant interest from highly motivated investors across the country seeking to get a foothold in high growth markets in Florida,” Justin Walker, senior director retail investment sales, Franklin Street, said. “We were able to apply our expertise in working with institutional clients and leverage this quality asset with national credit tenants to identify a suitable buyer.”
Oakview Plaza was built in 1990 and has close to 47,000 square feet of retail space anchored by a National Grocer in Aldi. The high growth submarket of Zephyrhills is home to 132,000 people within a 15-minute drive and has a projected 8.5% annual population growth rate.
“This deal highlights the demand for quality investment opportunities in this growing market and across Florida,” Dev Motwani, Managing Partner, Merrimac Ventures, said. “The Franklin Street team offered a tailored solution for us capitalizing on the lack of supply to find us the right buyer.”
Oakview Plaza is anchored by Aldi and Archwell Health and will undergo upgrades to facade improvements, parking lot enhancements, and lighting updates as Aldi converts the existing Winn-Dixie to Aldi. Both Aldi and Archwell Health have new 10-year lease agreements. Justin Walker, Justin Sturdivant, regional managing director, and Dylan Morse, senior associate, brokered the deal.
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About Franklin Street
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.
