ORLANDO—Strategic deals in a strategic market. That's the story behind the sale of two neighborhood shopping centers in the Tampa, FL area.

HFF just closed on the sale of Northwest Plaza and Suncoast Crossing. Northwest sold for $7.65 million. Suncoast sold for $6.7 million.

HFF represented the assets' seller, Redstone Investments. Cole Credit Property Trust, IV,(CCPT IV) purchased Northwest Plaza. APTT Investments purchased Suncoast. VEREIT completed the Northwest Plaza transaction on behalf of CCPT IV.

“HFF continues to see the market remain very strong for well-positioned shopping centers in strong-performing submarkets throughout central and north Florida," Brad Peterson, HFF senior managing director, tells GlobeSt.com. "In markets like Tampa, the economic fundamentals are exceedingly positive, and the population growth is explosive in submarkets such as Citrus Park and Odessa where these assets are located.”

LA Fitness anchors the 100%-leased Northwest Plaza. The outparcels were not included in the sale. The shopping center's 46,904 square feet of retail space sits on 5.2 acres at 5715 Gunn Highway in northern Tampa's Citrus Park area. The retail property is at the signalized intersection of Gunn Highway and Anderson Road, which, with 14 lanes of traffic and nearly 53,000 cars per day, is one of the top two most heavily-trafficked intersections in the trade area.

Built in 2007, Suncoast Crossing is a 29,289-square-foot retail center anchored by Petco and shadow-anchored by SuperTarget. The retail asset is 100% leased to a tenant roster that includes Anytime Fitness, Happy Nails, Majik Touch Cleaners, Pizza Hut, Supercuts, Pinch a Penny and Trailside Bikes.

Three outparcels not included in the sale are leased to Chili's Grill & Bar, Starbucks, and McDonalds. The shopping center sits at 4.9 acres at 16248 State Road 54, the primary east-west roadway in the region, the center is located next to the entrance to Suncoast Parkway in Odessa, a northern Tampa suburb.

NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.