Investor Buys New Tampa’s Walk At Highwoods Preserve II

New Tampa’s Walk at Highwoods Preserve II retail center has been purchased by a private investment group.

B&L Investments purchased the 28,452-square-foot center for $4 million from Tampa’s DDR Corp., a joint venture whose majority partner is an affiliate of TIAA-CREF. Mark Shellabarger of CBRE‘s Private Capital Group in Tampa represented the seller, who owns centers in the United States, Puerto Rico and Brazil.

“The buyer was interested in the property because of its size, location on Bruce B. Downs Boulevard just east of Interstate 75 in the affluent New Tampa submarket and a tenant mix that includes several regional and national retailers and service providers,” Shellabarger says.

Located at 17500 Preserve Walk Lane in Tampa, the mixed-tenant center was completed in 2003, consisting of three single-story retail buildings. Current tenants include FedEx Office, Boston Market, Moe’s Southwest Grill and Jenny Craig.

“Walk at Highwoods is an attractive center with a strong location, offering the new owners the opportunity to increase revenue through lease-up of the available space,” Shallabarger says. “The buyer has expressed plans to improve returns on their investment by concentrating on leasing and property management with personal, hands-on attention.”

Writer: Alexis Quinn Chamberlain
Source: Mark Shellabarger, CBRE