9201-9394 Oakhurst Road, Seminole, FL 33776
Landlord leasing and disposition
Oakhurst Plaza is a Publix-anchored center located in south Pinellas County. The property is an in-fill location situated within a densely populated residential area.
The owner considered selling for some time, but in-line shop space vacancies prevented the property from achieving the Seller’s minimum value expectation. Colliers’ Landlord leasing team started the assignment. Colliers was successful in securing two tenants, which lead to an increase in net operating income, and an increase in value. With these two new leases in place Colliers was allowed to bring Oakhurst to the market.
Since this was a secondary location, the Milano-Schultz team was proactive in reaching potential clients. In addition to traditional electronic marketing, the team made numerous phone calls and was persuasive in getting several prospects (who were going to pass) interested in the offering. 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.
Mike Milano, CCIM, MAI, Managing Director of Retail Investment Services
Ron Schultz, Director of Retail Investment Services
SALE PRICE: $6,300,000
DATE: February 27, 2015
GRANTOR: One Bayshore
GRANTEE: Phillips Edison & Company
BUILDING SIZE: 51,502± SF
LAND SIZE: 6.57± Acres
OVERALL OCCUPANCY: 84%
PRICE PSF: $122.33
OUR ROLE: Seller’s exclusive listing agent