David Wells, a senior investment associate in the National Retail Group of Marcus & Millichap Real Estate Investment Brokerage Co. of Florida, calls the $92.50-per-sf price a new high for the area. "It's a tremendous sales price for Plant City and any other tertiary submarket of Tampa," Wells tells GlobeSt.com. Three other buyers were also bidding on the property.

The deal was done at this time for the seller to recognize "market profit" on the property, Wells says. Lindell Properties had owned the 21-acre Strawberry Plaza site for six years. The transaction took 119 days to complete. Wachovia provided acquisition financing at a loan-to-value factor of 70%. Staples occupies 30,935 sf and anchors the center.

"Strawberry Plaza was positioned as an excellent upside potential play, that in combination with its several strong national tenants, resulted in us setting a new record high sales price for the area," Wells tells GlobeSt.com. Wells negotiated for the seller. Bryn Merry, also of Marcus & Millichap's Tampa office, represented the buyer.

Wells says the Strawberry Plaza price is "a testament to the long-term growth and future optimistic economic outlook for retail in the Tampa Bay area. This, in conjunction with the area's solid job growth, lay the fundamentals for future rental growth potential." Average asking base rent at Strawberry Plaza is $12 per sf.

Wells says the buyer can add an additional 10,000 sf to the center to increase its gross leasable area, as well as leasing an existing 30,000 sf of vacancy. The property also includes a Ponderosa Steakhouse on an outparcel. Plant City has 14 shopping centers with Lake Walden Shopping Center the largest at 261,000 sf.

Instant Insights /

Strawberry Plaza Sale Reaches New High for Tampa Bay Submarket

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