Northmarq’s Tampa office completes $16.67 million refinance of a four-property retail portfolio in central Florida

TAMPA, FLORIDA (June 23, 2022) – Robert Hernandez, senior vice president/managing director of Northmarq’s Tampa debt/equity team arranged the $16,672,000 million refinance of four retail properties in the greater Tampa MSA. The properties contain a combined 115,309 sq. ft. The portfolio includes Carrollwood Regency Plaza, North Tampa Shores, The Pointe at Tampa Palms, and Triple Crown Plaza, which are located in Tampa, Oldsmar, and Ocala, Florida.

Each of the four transactions was structured with a 10-year term on a 30-year amortization schedule. Northmarq negotiated the non-recourse, fixed-rate loans for the sponsor through its correspondent relationship with a life insurance company. 

“The sponsors were impressed with our lender’s loan service on their other retail properties as well as their quick response to get them a competitive rate in the current environment,” said Hernandez.

Triple Crown Plaza is located at 11100 SW 93rd Court Rd. in Ocala, FL. Built in 2006, the property features 27,975 sq. ft. of rentable space. Highly visible direct frontage on SW Hwy. 200, the property is located across from AdventHealth - TimberRidge ER and is in close proximity to a 200,000 sq. ft. Walmart Supercenter. The property boasts a strong tenant mix, including: IHOP, Beef O’Brady’s and AT&T. 

The Pointe at Tampa Palms is located at 17002 - 17030 Palm Pointe Dr. in Tampa, FL. Built in 2003, the property features 20,307 sq. ft. of rentable space. The property is strategically located in central Tampa Palms at a prominent intersection. Popular tenants include Ciccio Cali, Small Cakes, Palms Pharmacy, Koizi, The Bean Bar, and more. Additionally, the population within a three-mile radius of the space averages an income of $116,884, making it a desirable location for future tenants as well.

North Tampa Shores is located at 4009 - 4013 Tampa Rd. in Oldsmar, FL. Built in 2007, the retail property features 31,120 sq. ft. of rentable space between three buildings. The property is in an ideal location with a population above 150,000 people within a five-mile radius. Similar to the other locations in the four-property portfolio, the income of the surrounding area is over $100,000 ensuring the success of the occupying tenants. Tenants at North Tampa Shores include five dining establishments, a luxury spa, a workout/training facility, a dental office, and more. 

Carrollwood Regency Plaza is located at 11921 North Dale Mabry Highway in Tampa, FL. Built in 1985, the property offers 35,907 sq. ft. of rentable space. The retail space is fully leased by LensCrafters, Play it Again Sports, Edwin Watts Golf, Saki Endless Sushi & Hibachi, Whiskey North, and more. The location is well placed in the center of a highly populous area, totaling a little over 300,000 residents within a five-mile radius of the property.