TAMPA, FL—Van Dyke Commons, a 139,347-square-foot retail center in the Tampa submarket of Lutz, FL, has traded for $30M. iStar Financial sold the asset unencumbered to Prestige Properties & Development.

Built in 2007, the retailcenter is 100% leased and includes a 0.88-acre undeveloped outparcel. The retail center is anchored by LA Fitness, HomeGoods, and Golfsmith.

The HFF team representing the seller was led by senior managing director Brad Peterson and director analyst Kim Flores.

“As LA Fitness has ramped up its expansion plans in Florida through new development and conversion of former Lifestyle Family Fitness locations, we have seen more LA Fitness-anchored centers come to market,” Peterson tells GlobeSt.com. “Cap rates continue to fall on LA Fitness anchored centers, but they are still trading at a discount to grocery anchored centers with similar daily traffic patterns.”

Van Dyke Commons is located at the intersection of Van Dyke Road and North Dale Mabry Highway. The location is about 15 miles northwest of Downtown Tampa.

“Van Dyke Commons was highly sought after by investors because it was located in a primarily institutionally-owned submarket,” Peterson says. “The population growth and income demographics in the surrounding area significantly outpace the Tampa metro-wide averages.”