TAMPA—Mishorim Gold Properties, a Wesley Chapel-based developer, has bought the 215,713-square-foot Horizon Park shopping center on Hillsborough Avenue in Tampa for $22 million.
Almost immediately after closing on the deal, the developer signed Ross Dress for Less as a new tenant that will take up 30,000 square feet and raise the lease rate to 98% from 86%, according to a statement.
Mishorim Gold, in the statement, says the center would undergo improvements but did not give details on what those improvements would be.
The center, just west of N. Dale Mabry Highway, counts Guitar Center, Northern Tool, dd Discounts and Conn’s Home Plus as anchor tenants along with Pizza Hut Metro PCS, Sally Beauty and Dollar General. Wells Fargo and Applebee’s take up the outer parcels along Hillsborough Avenue.
This is the third property Mishorim Gold has bought in the region in less than two years, according to the statement. It bought the Grove at Wesley Chapel for $64 million and Holiday Mall for $8.56 million.
Mishorim Gold added 75 new tenants to the Grove since buying the property last year and is “bringing with it a new vision” according to the statement. That new vision includes Grove Theater, Bistro and Entertainment, a 12-screen, two-floor complex that opened early this year.
And when it took over Holiday Mall the vacancy rate was 40%. Today, 98% of the property is leased.
Mishorim Gold says in the statement that it is looking to buy an additional 1 million square feet of commercial space in the next year.