The Clearwater Assortment. Picture courtesy of Avison Younger
An affiliate of the Philadelphia Phillies has acquired a 134,362-square-foot retail heart in Clearwater, Fla., a distressed asset that just lately went out of business. The vendor was Clearwater Assortment 15 LLC, an entity dealt with by Avison Younger Principal Michael Vullis, who acted because the court-appointed receiver.
An Avison Younger workforce brokered the $22.5 million sale. Earlier than reevaluating the property and placing it up on the market, the corporate was accountable for the administration and leasing exercise on the location.
Dubbed as Clearwater Assortment, the property has a Flooring & Décor retailer as sole tenant, occupying 49 % of the whole rentable space below a the rest 5-year lease. The brand new proprietor intends to reposition the distressed retail asset sooner or later.
Positioned at 21800 U.S. Freeway 19 N., the 13-acre retail heart is adjoining to baseball stadium BayCare Ballpark, the place the Phillies Spring Coaching and the Clearwater Threshers groups reside. Downtown Tampa, Fla., and northern St. Petersburg, Fla., are some 19 miles away.
Repurposing a retail asset
The Avison Younger Florida Capital Markets workforce which marketed the property and brokered the transaction was led by by Principals John Crotty, Michael Fay and David Duckworth, along with Senior Vice President Nick Robinson and Vice President Brian de la Fé.
As talked about in PwC and City Land Institute’s Rising Traits in Actual Property 2023 report, subsequent yr’s retail market will witness extra repurposing of redundant belongings. The report additionally reveals that the Tampa and St. Petersburg areas are among the many prime 10 U.S. markets buyers ought to watch within the yr to come back.
In a ready assertion, Crotty talked about that the situation of the underused property and the in-place zoning permits present the brand new proprietor with the chance to develop a mixed-use venture comprising residential, workplace, retail and leisure makes use of.
Apart from repositioning and leasing alternatives, the value-add funding gives land redevelopment potential for the proprietor of the adjoining sports activities stadium.
