Multiple Colliers International Teams Collaborate on Tampa Bay Clearwater Collection
Retail Power Teams Partner on Cross-Country $17.8 Million Transaction
Three separate Colliers International retail investment brokerage teams working from offices in Los Angeles, San Diego and Florida recently collaborated on the $17.8 million cross-country sale of the Clearwater Collection, a popular community shopping center in Clearwater, Florida.
Colliers Executive Vice President Tom Lagos and Associate Vice President El Warner of the brokerage firm’s Downtown Los Angeles office, along with Florida-based Managing Director Mike Milano and Director Ron Schultz, and Senior Vice President Mark McEwen, based in the firm’s San Diego office, negotiated the sale for a large institutional investment client.
Buyer GDA Real Estate Services of Greenwood Village, Colorado was able to acquire the 134,360-square-foot and nearly fully occupied development because the center no longer fit the strategic investment objectives of Colliers’ unidentified, East Coast-based client.
Located near the heavily-trafficked intersection of U.S. Highway 19 and Drew Street at 21688-21800 U.S. Highway 19 North in Clearwater, the five-unit center is anchored by LA Fitness and Floor Décor and includes a single-tenant Buffalo Wings outparcel. The property also benefits from its physical location within a desirable top 20 Metropolitan Statistical Area (MSA) as defined by the U.S. Census Bureau. In addition to representing the seller, the Colliers team also guided GDA in the closing process.
“This sale is further proof that national investors are looking for yield in top 20 MSA’s and there is a continued flight of capital to stronger retail markets,” said Warner. “The ability of Colliers to pair national relationships with local expertise was critical in executing this transaction.”
Colliers’ Schultz, who is based in the firm’s Tampa office, stated that the property’s location and positioning in the market, its strategic mix of strong retail tenants, and its location along a major roadway (US-19) in the middle of Pinellas County, were all reasons for the higher-than-average investor interest in the property.
“The new investor will also be able to take advantage of historically low debt and obtain new debt on the property, if desired,” added Schultz. “The property offers stability and yield located in the heart of the Tampa Bay retail market.”