2514-2532 State Road 580 | Clearwater, FL 33761

SERVICES

Disposition

PROPERTY/LOCATION

Courtyard @ Countryside, an institutional quality community center located on State Road (SR) 580 in Clearwater, FL. Built in 2007-2008, the property is home to a roster of best-in-class tenants including Kohl’s, Total Wine & More, Panera Bread, EverBank, Salon Lofts, Sport Clips and Tijuana Flats. In addition to being at a prominent intersection, Courtyard is directly across (north) of the Westfield Countryside Mall, a 1.3 million square foot enclosed mall anchored by Dillard’s, Macy’s, JC Penney, Sears and Whole Foods. Located in northern Pinellas County (City of Clearwater), Courtyard is well positioned within a highly successful concentration of regional retail properties. The property’s large trade area, extremely dense population, infill location, and favorable tenant mix makes Countryside a major destination retail center.

OPPORTUNITY

The owner/seller is the original developer, and had considered selling for some time, but in-line shop space vacancies prevented the property from achieving the seller’s minimum value expectation. The owner was successful in leasing the property to 100% occupancy. A located properties like Courtyard are commanding the highest market value. Since the property was fully occupied, the owner decided to take advantage of favorable market timing and pricing.

STRATEGY/RESULTS

The Milano-Schultz team embarked on an extensive marketing campaign. In addition to marketing the property through Colliers extensive and proprietary retail investor database, the team made numerous calls to key investors to make sure these investors were aware and had considered this opportunity. Through an extensive, proactive and focused marketing campaign, Colliers generated sufficient interest to create a competitive bidding environment that produced multiple offers. These multiple bids resulted in the Colliers team getting maximum pricing for the seller.

TEAM

Mike Milano, CCIM, MAI, Managing Director of Retail Investment Services
Ron Schultz, DirectorRetail Investment Services

SALE PRICE: $25,500,000
DATE: November 17, 2015
SELLER: Skylark Plaza, LLC
BUYER: North American Development Group
BUILDING SIZE: 132,191± SF
LAND SIZE: 12.05± Acres
OVERALL OCCUPANCY: 100%
PRICE PSF: $192.90
OUR ROLE: Seller’s exclusive listing agent