TAMPA, FL—Terrace Oaks Plaza, a 40,659-square-foot shopping center in Tampa, FL, has a new owner. The retail asset sold for $5.4 million, or $133 per square foot.
James Medefind and Patrick Whitney, investment specialists in Marcus & Millichap‘s Tampa, Florida and Dallas, Texas offices, had the exclusive listing to market the property on behalf of the local seller, a private investor. Medefind procured the international buyer, a partnership based in Canada.
“Financing was a key element in getting this deal closed,” says Medefind. “Non-recourse financing is available again for quality, stabilized assets.”
Built in 1986, Terrace Oaks Plaza is located at 11301 North 56th Street. This fully stabilized shopping center is within walking distance of the University of South Florida, one of the nation’s largest universities. Busch Gardens, Adventure Island, the Museum of Science and Industry (MOSI), and the Sun Dome are also in the area.
“There were a total of nine offers from a mix of local and international investors,” Medefind says. “The seller benefited from our ability to access capital from outside markets and we found a seasoned foreign buyer who was able to purchase a quality deal here in Florida.”