Indianapolis-based Simon Property Group, the largest US retail REIT, built the 265,359-sf shopping center in 1990 and continued to own it with the teacher's pension fund.
"This property presents an optimal long-term investment opportunity," says David Goldstein, one of four Marcus & Millichap Real Estate Investment Brokerage Co. brokers involved in the deal. "Significant barriers to entry for new retail construction and an underserved local retail market have resulted in increased buyer interest in urban in-fill locations."
Although the sellers report no major occupancy problem at Yards Plaza, Matanky Realty Group is building a $8.3 million, 75,699-sf retail center six blocks east with $2.2 million in tax increment financing from the city.
Goldstein and another member of Marcus & Millichap's Tampa office, Les Aron, represented Yards Plaza, LLC after getting the exclusive listing from the partnership with local investment specialist Bruce Harris and Matthew Fitzgerald of the firm's Milwaukee office.
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