MIAMI—River Bay Plaza is the latest grocery-anchored shopping center to hit the Central Florida market—and it’s only had one owner in its lifetime. The Winn Dixie-anchored shopping center spans 80,000 square feet at the corner of intersection U.S. Highway 301 and Gibsonton Drive/Boyette Road.
Cohen Real Estate is the exclusive agent to present River Bay Plaza in the disposition. Beyond the Winn Dixie Marketplace, tenants include Dollar Tree, Aaron’s, Fantastic Sam’s, Little Caesars, and Liberty Tax.
Cohen senior managing director Vera Thomas is leading the marketing initiative for the sale of the neighborhood shopping center on behalf of a long-term owner. That same owner is also selling Otranto Plaza in North Charleston, SC.
“Winn-Dixie has been in the center since it was built in 1984,” Thomas says. “They just exercised a five-year option. The company has been on an upswing since Bi-Lo purchased the chain. Sales in the store are continuing to rise.”
River Bay Plaza is 96.5% occupied. The shopping center is being offered unencumbered by debt allowing an investor to leverage low interest rates.
River Bay Plaza has a premier exposure on U.S. Highway 301 and Gibsonton Drive/Boyette Road, a major thoroughfare in Riverview, FL. One of the county’s important retail hubs, all four corners on Boyette Road are occupied by retail tenants such as Walgreens, CVS, McDonald’s and Bank of America. Recently, Lowe’s Home Improvement opened a store across the highway.
“The strong traffic draw from the mix of national and regional credit tenancy is perfect for a buyer looking for a grocery-anchored center,” Thomas says. “Significantly, Aaron’s, a publicly-traded company signed a new 10-year lease and will be opening very soon. They are very excited to be in the center and are looking forward to strong sales.”