TSCG, The Shopping Center Group, one of the largest, privately owned, retail-focused real estate advisory firms in the United States with offices coast-to-coast, has announced the sale of Gainesville Plaza located in one of Gainesville most densely populated retail nodes serving University of Florida’s primary campus as well as the surrounding community. Under the leadership of Anthony Blanco, director of investment sales, TSCG; the sales team represented the seller, an affiliate of a publicly traded real estate investment trust, in the transaction that was finalized on July 24. An affiliate of Wicker Park Capital Management, LLC, acquired the center for an undisclosed price. No additional details are available.
“Investors were attracted to the long-term anchor leases at Gainesville Plaza – we’re talking 15 and 20 years – and the ideal blend of service and smaller soft goods shops,” explains Blanco. “These brick and mortar grocery and discounted soft goods perform well relative to those retailers more susceptible to the rise of e-commerce.”
Gainesville Plaza is anchored by Burlington Coat Factory, Ross Dress for Less, Sav-A-Lot, 2nd & Charles (a successful Books-A-Million concept), Lumber Liquidators and Hibbett Sporting Goods. At 92.4% leased, the 162,200-square foot power center sits on approximately 16 acres along Northwest 13th Street. The sale transaction also includes a 1.43-acre outparcel fronting 13th Street that can accommodate 4,000- and 3,750-square foot buildings. Built in 1971 and renovated in 2014, the asset is situated less than two miles from the University of Florida where there are 52,000 students enrolled, and within a market with a daytime population in excess of 109,000 consumers.
This busy retail node includes popular national tenants such as Lowe’s Home Improvement, Big Lots, Lucky’s Market and Planet Fitness. Nearly 75,000 residents with an average household income of $60,310 and a median age of 27.4 years reside within a three-mile radius of Gainesville Plaza.
TSCG represents institutional and private owners of retail real estate throughout the eastern United States and Southern California in their efforts to maximize the return on investment from the sale of their property utilizing a comprehensive sales effort.
Founded in 1984, TSCG (The Shopping Center Group) is recognized as the preferred, retail-focused real estate services firm known for dependable service, proven integrity, indisputable commitment and unparalleled market knowledge. With 20 offices coast-to-coast, the firm maximizes outcomes on behalf of landlords, developers, investors, financial institutions and tenants ranging from traditional retail and restaurants to emerging medical, educational, hospitality and entertainment destinations. In 2018, TSCG recorded nearly $2 billion in transactions Its third-party portfolio includes exclusive leasing assignments for over 800 assets totaling over 60 million square feet and management agreements for over 10 million sq. ft. The firm exclusively represents over 430 retailers and restaurants. For more information, visit tscg.com.