NEW YORK, April 22, 2014 – Cohen Real Estate (Cohen), a Manhattan-based full-service brokerage firm focused on retail properties throughout the United States, today announced the $5.8 million sale of River Bay Plaza in Riverview, Florida. The sale closed on April 11th.
Located outside Tampa and south of Brandon, Florida in Hillsborough County, the 79,288 square-foot neighborhood shopping center is anchored by Winn Dixie, which recently exercised a lease option. Sales have increased annually since Bi-Lo’s acquisition of the chain. Further draws to the center include Aaron’s signing a new ten year lease and Dollar Tree taking an option.
River Bay Plaza is on the corner of “Main and Main.” The center fronts both US Hwy 301 and Boyette Road, a major thoroughfare with high traffic counts.
Vera Thomas, Senior Managing Director of Cohen Real Estate, represented the seller, a private New York-based company. Helen Putterman, President of Cohen, represented the buyer, also a private New York-based company.
“The seller was a long-term owner of the center,” said Ms. Thomas. “He saw an opportunity to capitalize on his investment with the signing of the new Aaron’s lease and Winn Dixie’s growing sales and market share. Once the seller decided to sell, there was significant interest from buyers.”
“The purchaser is someone I have worked with for many years,” noted Ms. Putterman. ”This property hit all his criteria in buying shopping centers: a value-add component, low price per square foot, some below market rents. It was a sure deal from day one.”
Along with River Bay Plaza, all four corners on Boyette Road have retail tenants. Walgreens, CVS and Riverview Oaks Shopping Center occupy the other three corners, and Lowe’s home improvement recently built a store across the highway from the center.
River Bay Plaza has a population of 163,000 people living within a 5-mile radius. Average household income is $70,000.