SEFFNER, Fla., Nov. 25, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI),announced today the sale of Mango Plaza, a 166,465-square-foot shopping center in Seffner, Florida. The property sold for $12.5 million.
“Mango Plaza is anchored by a Publix supermarket and Walmart, both of which have successfully operated here since the center opened in 1986, and there are no competing Publix or Walmart locations nearby,” said Kirk Olson, IPA senior director.
Olson, Drew A. Kristol, IPA senior director, and James Medefind, first vice president investments in Marcus & Millichap’s Tampa office, represented the seller, a New York- and Boca Raton-based private investment group and procured the buyer, an investment fund based in Baltimore.
Mango Plaza is situated on the signalized corner of Florida State Road 570, Dr. Martin Luther King Jr. Boulevard, and Mango Road near Interstate 75 and Interstate 4 onramps. “The immediate area has benefited from several new multifamily and light industrial developments, including a FedEx delivery facility, and the population within three miles of Mango Plaza has experienced 10 percent growth in the past five years,” added Kristol. Several community colleges are located just west of Seffner in Brandon, and the University of South Florida, which has more than 45,000 students, is 13 miles northwest of Seffner. In 2018, the population within a three-mile radius of the shopping center was 66,000, with a median household income of $69,070.
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