TAMPA, FL – Cassidy Turley, a leading commercial real estate services provider in the U.S., announces that Vice Presidents Drew Fleming and Mark Joines have arranged the $17.5 million sale of Shoppes of Southbay on behalf of owner Shoppes of Southbay LLC.
Terre Investments LLC, which was advised by Wenzel Investment Group’s Peter Wenzel, acquired the grocery-anchored center at Big Bend Road and U.S. Highway 301 in Riverview, FL, a Tampa suburb. Sweetbay Supermarket occupies approximately 51,000 square feet of the property, and other national tenants include AT&T, Buffalo Wild Wings, H&R Block and GNC.
Cassidy Turley officially expanded its retail capital markets footprint into the Sunshine State earlier this year, and the Shoppes at Southbay transaction marks Cassidy Turley’s second Florida shopping center investment sale in the past three months, following the $6.8 million sale of Oak Station in Marianna, FL. Drew Fleming, a Vice President and Principal at Cassidy Turley, is leading the retail capital markets expansion in Florida for the team and has relocated to Jacksonville to lead the effort. However, Fleming and Joines will continue serving their clients throughout the Southeast as they have in recent years. Additionally, Fleming and Joines are marketing a Winn Dixie-anchored center in Pensacola, FL, as part of a three-property portfolio.
“We see tremendous opportunity in the Tampa, Orlando, Jacksonville and Panhandle markets and, really, throughout the state,” said Mr. Fleming. “Florida’s economic recovery is accelerating, which just creates more investor demand for retail properties, especially in the grocery-anchored sector.”
Cassidy Turley’s expanded Florida retail capital markets footprint corresponds with its merger with Tampa-based CLW Real Estate Services at the beginning of 2013. The merger added one of the state and Tampa Bay area’s leading commercial real estate services firms to Cassidy Turley’s existing presence, expanding the company’s capabilities in a number of fields, including retail leasing and property management, complementary service lines to Cassidy Turley’s retail capital markets efforts.
“Our clients are the prime benefactor of the merger,” said Doug Rothschild, Regional Managing Principal for Florida at Cassidy Turley. “Our expanded retail investment sales capabilities in Florida are but one example of how we can better serve and create more value for them.”