Transwestern to Sell 103,309 SF REO Shopping Center
July 30, 2020
Miami – Transwestern Real Estate Services (TRS) announces its Southeast Investment Services Group is brokering the sale of Manatee Village, a 103,309-square-foot shopping center at 713-1081 S. Pinellas Ave. in Tarpon Springs, Florida. Transwestern Managing Directors John Bell, Jon Kleinberg, and Mike McGaughy are marketing the investment on behalf of the REO seller.
“Currently operating as a shopping center with short-term tenancy, Manatee Village is ideally positioned for immediate redevelopment as retail, multifamily, senior living, medical office or mixed-use,” said Bell. “There is demonstrated demand within the market for all of these uses. We anticipate the market’s fundamentals, including 5.2% retail vacancy, and a noticeable lack of multifamily development, will incentivize redevelopment.”
With only one new apartment community completed in the market within the last 10 years, this is an underserved, thriving multifamily market primed for new product.
Located on Pinellas and South Safford avenues, Manatee Village is the commercial focal point of the city. The site’s market presence is expected to enhance significantly upon completion later this year of the Meres Boulevard extension, which offers a new direct east/west connection to Highway 19.
The property is minutes from AdventHealth North Pinellas, an award-winning, 168-bed medical facility with approximately 800 employees that has embarked on an $18.5 million emergency room expansion slated for completion this year. The main hospital will also undergo renovations, which are expected to be completed in 2022.
“An REO asset located within an Opportunity Zone that’s easily accessible to more than 77,000 daily vehicles makes a compelling case for redevelopment,” said Kleinberg.
The area’s demographics support a variety of repositioning scenarios, with 120,131 residents and an average household income of $79,401 within 5 miles. Business incentives offered by the City of Tarpon Springs’ Community Redevelopment Agency include the CRA Façade Improvement Grant and CRA Restaurant Grant Package, designed to encourage investment by assisting owners in attracting and retaining tenants.
Transwestern’s Southeast Investment Services Group combines capital markets and investment banking expertise, local market knowledge and proven transaction execution to provide strategic disposition services for multifamily, office, retail, industrial and land assets across the Southeast. Based in Atlanta and Miami, the team has established a successful track record for maximizing value and creating long-term relationships with clients that range from local entrepreneurs to the largest corporations in the country.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.