South Tampa Shopping Center Changes Hands for $22M

Southtown Center. Image courtesy of Plaza Advisors

An Australia-based fund advised by CenterSquare Investment Management has sold Southtown Center, a 43,669-square-foot retail asset in Tampa, Fla. The asset changed hands one year after trading for $19.8 million. Site Centers Corp., an Ohio-based REIT, acquired the property for $22 million, according to the Tampa Bay Business Journal. Plaza Advisors’ Jim Michalak and Keith Nurre represented the seller in the deal. 

Situated at 1501 S. Dale Mabry Highway in the South Tampa trade area, Southtown Center is between a Publix store and a Sprouts Farmers Market grocery. The retail asset is 4 miles from the city center, serving a population of roughly 102,000 residents earning an average annual household income of $146,000.

Built in 1985, Southtown Center has numerous national brands on the tenant roster, such as Moe’s Southwest Grill, Tropical Smoothie, Cold Stone Creamery, Weight Watchers, Massage Envy, Pure Barre, European Wax Center, Burger Monger, Davita and Century 21. The shopping center was fully leased at the time of the sale.