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CRC Spins Off Spring Hill Retail Center
Continental Realty Corporation (CRC) executed the sale of Seven Hills Plaza, an 87,250 square-foot neighborhood shopping center located at 11148 Spring Hill Drive in Spring Hill, Florida, for $17.3 million. Since acquiring the asset positioned approximately 45 miles north of Tampa in 2019, CRC increased its value by more than $7.5 million from its $9.8 million purchase price.
Kirk D. Olson and Drew A. Kristol of Institutional Property Advisors (IPA) represented CRC and procured the buyer, Florida-based Bezrat H. Corp.
During its hold period, CRC improved occupancy of the center from 72% to 99%. CRC’s Haley Donato added, “During our hold period, we leased-up vacancy, upgraded the tenancy, improved the credit guarantees behind some key leases, delivered strong outcomes on renewals and paved the way for future pad site development to drive exit value.”
Built in 1990, Seven Hills Plaza includes a mix of approximately 20 tenants offering personal and medical services, shopping, and sit-down, fast-casual and quick-service restaurant options.
