TAMPA, FL—Small private investors are getting back into the retail acquisitions game in Florida. Walk at Highwoods Preserve II, a 28,452-square-foot retail center, recently traded hands for an undisclosed amount.
B & L Investments, a Tampa-based private investment group, snapped up the property from an institutional seller. The seller, a joint venture whose majority partner is an affiliate of TIAA-CREF, was represented exclusively by Mark Shellabarger, senior vice president of CBRE’s Private Capital Group in Tampa.
“This is an example of a smaller property just didn’t fit in the institutional owner’s portfolio anymore,” Shellabarger tells GlobeSt.com. “It was time for them to move on. That left room for a private investor to come in to the deal.”
Walk at Highwoods Preserve II is located at the northeast corner of Bruce B. Downs Boulevard and Dona Michelle Boulevard, just east of Interstate 75, in New Tampa. The shopping center has visibility along Bruce B. Downs Boulevard, the primary artery for the dense and affluent New Tampa community.
Completed in 2003, Walk at Highwoods Preserve II offers a mix of regional and national tenants. Larger tenants include FedEx Office, Boston Market, Moe’s Southwest Grill, and Jenny Craig.
“Last year most of the retail investment activity was still in the class A grocery-anchored properties and distressed properties, but we are starting to see a little bit more interest in these stable B and C properties or unanchored properties,” Shellabarger says. “It’s still early in this year to say where that’s going to end up.”
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