West Hillsborough Avenue asset joins portfolio of Tampa Bay-area retail owned by Miami-based Saglo
Tampa, FL – June 20, 2016 – CBRE’s Tampa retail investment team arranged the sale of Shoppes at Armenia, located at 2507-2513 West Hillsborough Avenue in Tampa, Florida. The 15,413-square-foot retail center was acquired by Saglo Development from a private equity fund for $1.9 million.
“Shoppes at Armenia is located in an improving commercial district, including the recent conversion of an adjacent, vacant, former grocery store to medical offices, which is likely to build clientele and increase demand for office space and tenancy at Shoppes at Armenia,” said CBRE Senior Vice President Mark Shellabarger. “Adjacent development and redevelopment, together with improving submarket conditions and exceptional visibility, generated strong buyer interest and multiple offers for the center.”
Shoppes at Armenia joins a portfolio of other Tampa Bay-area retail centers owned by Miami-based Saglo. Built in 2006, the property features two buildings. The first spans 11,909 square feet, including 3,631 square feet of unleased, second-floor office space. The second is a 3,504-square-foot, free-standing building.
Shoppes at Armenia tenants include Subway, H&R Block, Metro PCS and Tampa Nails. Located at the northwest corner of the heavily trafficked Hillsborough and Armenia Avenues, Shoppes at Armenia is within easy reach of other major roads and highways, including Dale Mabry Highway, I-275, and the Veterans Expressway.
CBRE’s Sandra Michaels collaborated with Mr. Shellabarger in marketing the property.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.