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Prestige Properties & Development buys Van Dyke Commons center

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  • | 7:38 a.m. April 19, 2013
  • Tampa Bay-Lakeland
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BUYER: Van Dyke Commons LLC (principals: Sam Shalem, Thomas Strauss, Irving Pergament and Joseph Comparetto), New York City

SELLER: 17623-17695 N. Dale Mabry HWY-Lutz LLC

PROPERTY: 17623-17695 and 17461 N. Dale Mabry Highway, Lutz

PRICE: $30.01 million

LAW FIRM ON DEED: Jason Gorczynski Esq., Chicago

PLANS, DESCRIPTION: Prestige Properties & Development purchased the 139,347-square-foot Van Dyke Commons 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.

A HFF team, led by senior managing director Brad Peterson and director analyst, Kim Flores, represented the seller, iStar Financial Inc.

“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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