Institutional Property Advisors Closes Shopping Center Sale in Suburban Tampa Bay
December 19, 2024
WESLEY CHAPEL, Fla., Dec. 18, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Village Market at Wesley Chapel, a 98,547-square-foot shopping center and five freestanding net-leased buildings in Wesley Chapel, Florida. The property sold for $30 million.
“One hundred percent occupied with multiple tenants on short term leases, this acquisition gives the buyer many mark-to-market opportunities,” said Kirk D. Olson, IPA senior director. Olson and IPA’s Drew A. Kristol represented the seller, Wesley Chapel SC Company Ltd., and procured the buyer, an affiliate of JBL Asset Management, which has a portfolio of shopping centers concentrated in the Sun Belt region and is based in Hollywood, Florida.
“Wesley Chapel’s average annual household income of $107,000 and 28% population growth since 2010 justify further investment to enhance the property and increase net-operating income,” said Kristol.
The property is just off an Interstate 75 ramp in the center of the submarket’s main retail corridor on the signalized corner of Wesley Chapel Boulevard and Bruce B. Downs Boulevard. Within the immediate area are BayCare Hospital, a $246 million health care facility that opened in 2020, and The Grove at Wesley Chapel, a 470,000-square-foot open-air community shopping center.
Residential communities, including Meadow Pointe, Seven Oaks, Northwood, and Saddlebrook surround the center.
Built in 1988 on over 16 acres, Village Market at Wesley Chapel is anchored by a 30,537-square-foot Crunch Fitness. The tenant roster includes Ace Hardware, AutoZone, Burger King, Popeyes, and Waffle House.
“One hundred percent occupied with multiple tenants on short term leases, this acquisition gives the buyer many mark-to-market opportunities,” said Kirk D. Olson, IPA senior director. Olson and IPA’s Drew A. Kristol represented the seller, Wesley Chapel SC Company Ltd., and procured the buyer, an affiliate of JBL Asset Management, which has a portfolio of shopping centers concentrated in the Sun Belt region and is based in Hollywood, Florida.
“Wesley Chapel’s average annual household income of $107,000 and 28% population growth since 2010 justify further investment to enhance the property and increase net-operating income,” said Kristol.
The property is just off an Interstate 75 ramp in the center of the submarket’s main retail corridor on the signalized corner of Wesley Chapel Boulevard and Bruce B. Downs Boulevard. Within the immediate area are BayCare Hospital, a $246 million health care facility that opened in 2020, and The Grove at Wesley Chapel, a 470,000-square-foot open-air community shopping center.
Residential communities, including Meadow Pointe, Seven Oaks, Northwood, and Saddlebrook surround the center.
Built in 1988 on over 16 acres, Village Market at Wesley Chapel is anchored by a 30,537-square-foot Crunch Fitness. The tenant roster includes Ace Hardware, AutoZone, Burger King, Popeyes, and Waffle House.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.