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Investor pays $30 million for Lutz retail center

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  • | 4:26 p.m. April 12, 2013
  • Tampa Bay-Lakeland
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LUTZ — New York City-based Prestige Properties & Development purchased the 139,347-square-foot Van Dyke Commons in Lutz for $30.01 million.

The price equated to $215 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Built in 2007, the retail center, located at the corner of Van Dyke Road and North Dale Mabry Highway, is 100% leased. Anchors include LA Fitness, HomeGoods and Golfsmith. The purchase also included a 0.88-acre undeveloped outparcel.

The seller, iStar Financial Inc., operating through its affiliate 17623-17695 N. Dale Mabry HWY-Lutz LLC, foreclosed on the property in late 2011.

An HFF team, led by senior managing director Brad Peterson and director analyst, Kim Flores, represented the seller.

“Van Dyke Commons was highly sought after by investors because it was located in a primarily institutionally owned submarket,” Peterson says in a press release. “The population growth and income demographics in the surrounding area significantly outpace the Tampa metro-wide averages. However, what really captivated investors was the strong performance by each of the anchors, shop occupancy, retention rate and the huge volume of daily traffic to the property driven by LA Fitness.”

The purchase entity Van Dyke Commons LLC mortgaged the property to Citigroup Global Markets Realty Corp. for $22.39 million.


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