Continental Realty Corporation (CRC) has successfully sold Seven Hills Plaza, a neighborhood shopping center located in Spring Hill, Florida. The property spans 87,250 square feet and was purchased by CRC for $9.8 million in 2019. After making improvements and increasing occupancy from 72% to 99%, the value of the property rose by $7.5 million.
The sale was facilitated by Kirk D. Olson and Drew A.Kristol of Institutional Property Advisors (IPA), who represented CRC and found a buyer in Bezrat H.Corp based in Florida.
During its ownership period, CRC made significant changes to the center including leasing up vacant spaces, upgrading tenants, improving credit guarantees on key leases,and securing strong lease renewals.This resultedin pavingthe way for future development opportunities that will further increase the value of this asset according to Haley Donato fromCRC.
Built-in1990,theSevenHillsPlazaincludes approximately twenty tenants offering personal services such as medical care along with various retail options including sit-down restaurants as well as fast-casualand quick-service dining choices.
This successful transaction highlights CRC’s abilityto identify undervalued propertiesand implement strategic plans that resultin significant returns on investment.The saleofSevenHillsPlaza is another exampleof their expertisein maximizingthe potentialof commercial real estate assets.
