Plaza Advisors has announced the $8.4 million sale of the Commons at Twin Lakes shopping center, at 31958 U.S. 19 N in Palm Harbor.
Built in 1986, the property is situated on 6.09 acres and contains approximately 53,000 square feet of gross leasable area. The center houses a variety of tenants including Massimo's Eclectic Fine Dining, North Pinellas Children's Medical Center and Select Medical Rehab. It is anchored by Outback Steakhouse.
Mike Milano and Ron Schultz of Colliers International Tampa Bay represented the seller, Commons at Twin Lakes LLC. The buyer, Realty Financial Corp., was represented by Jim Michalak of Plaza Advisors Inc.
"The center has a long history of high-occupancy, attractive market rents and a stable tenant roster that was appealing to the capital markets," said Michalak. "The buyer was able to secure excellent long-term financing and locked in an interest rate prior to the recent increase."
Plaza Advisors, a real estate brokerage firm that specializes in the disposition of retail properties throughout Florida, has closed more than 130 shopping center transactions, with a combined gross leasable area exceeding 13 million square feet with an aggregate sales volume in excess of $1.5 billion.
Its clients include private equity investors, developers and major institutions including fund advisers, servicing agents, life insurance companies, real estate investment trusts and money center banks.
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