TAMPA, FL—Commons at Twin, a 53,000-square-foot shopping center in Clearwater, FL, has a new owner. Commons at Twin Lakes Associates, LLC sold the retail center to Realty Financial Corporation for $8.4 million.

Jim Michalak of Plaza Advisors represented the buyer. Mike Milano, managing director of Retail Services and Rob Shultz, director of Retail Investment Services at Colliers International Tampa Bay, represented the seller in the transaction. Both buyer and seller are private equity firms.

“The center has a long history of high occupancy, attractive market rents and a stable tenant roster that was appealing to the capital markets” says Michalak. “The buyer was able to secure excellent long-term financing and locked-in an interest rate prior to the recent increase.”

The shopping center sits on 6.09 acres and was built in 1986. It is 98% leased. Since the purchase agreement called for a short due-diligence period, Schultz and Milano worked to resolve several issues quickly for the seller.

“As the market continues to recover, we are seeing more buyers looking for properties with a consistent proven track record of success, excellent for longer-term hold and grow strategies,” says Schultz. “This property is a good example of that.”

Anchored by Outback Steakhouse, the shopping center is also home to Massimo's Electric Fine Dining, North Pinellas Children's Medical Center, and Select Rehab. Nearly two-thirds of the tenants have been in the shopping center for more than 10 years.

“The sale worked well for all involved,” Milano says. “The buyer was looking for a well-located, well-positioned asset in a strong demographic market, and Commons at Twin Lakes fit its needs extremely well.”