Institutional Property Advisors Closes Shopping Center Sale in Tampa Bay MSA

SPRING HILL, Fla., Dec. 2, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Seven Hills Plaza, a 87,286-square-foot shopping center in Spring Hill, Florida. The property sold for $17 million.

“Anchored by a well-performing Planet Fitness, Walgreens and 100% occupied at the time of the sale, Seven Hills Plaza’s ideal tenant mix and corner location ensure continued strong cash flow,” said Kirk D. Olson, IPA senior director. Olson and IPA’s Drew A. Kristol represented the seller, Continental Realty Corporation, and procured the buyer, Bezrat H. Corp. “Altitude Trampoline Park and AFC Urgent Care recently signed 10-year leases totaling 25,820 square feet,” said Kristol. “The average retail occupancy rate in Spring Hill is 99%.”

Built in 1990 on 8.5 acres, the property is located at the intersection of Mariner Boulevard, which sees 22,000 vehicles per day and Spring Hill Drive, where 19,400 cars pass daily. The 155-acre Airport Industrial Park is close by, Downtown Tampa is 45 minutes away and Clearwater and St. Petersburg are nearby. In addition to Walgreens, Altitude Trampoline Park and AFC Urgent Care, Seven Hills Plaza’s tenant roster includes Planet Fitness, Rehability, Okinawa Ramen Restaurant, GNC, and Nails So Happy.

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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.