X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TAMPA, FL-Birmingham, AL-based Fairway Investments LLC has acquired the 116,058-sf Mainstreet at Hampton Lakes shopping center for $33 million. The price tag for the property, which sits at the intersection of Race Track and Nine Eagles Road, breaks out to $284 per sf.

The seller, Amprop Development LLC, was represented exclusively by Plaza Advisors managing partner Jim Michalak. The buyer was not represented by a broker. Michalak tells GlobeSt.com the property was sold to take advantage of the healthy capital markets. “The developer is not a merchant developer, they usually hold on to their properties,” Michalak says. “They were able to sell at a very low cap rate.”

The property was acquired as part of a 1031 exchange and Fairway Investments plans to hold the asset as a long-term investment, he adds.

The shopping center, which was built in phases from 2005 to 2007, is part of a mixed-use development including 196 townhomes developed by Beazer Homes and 16,150 sf of office space built above portions of the retail space. The retail space was 97% occupied at the time of the sale with rental rates ranging from $22 to $28 per sf. Tenants include Sweetbay Supermarket, Hollywood Video, Subway, H&R Block, Samurai Blue and the UPS Store. Outparcel tenants include Starbucks, Bank of America and AmSouth Bank.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.