CBRE Capital Markets Secures $15.2 Million in Refinancing for Fully Occupied Retail Center in Tampa, Florida

CBRE has secured $15.2 million for the refinancing of Shoppes of Southbay, a 99,542-sq.-ft. grocery-anchored retail center at 10665 Big Bend Road in Riverview, Florida.

Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets’ Debt & Structured Finance group represented the borrower in the transaction. A life insurance company provided the loan.

Built in 2007, the Shoppes of Southbay is fully occupied by 22 tenants, including Winn-Dixie, Tampa General Hospital, Buffalo Wild Wings, Panera Bread, and Leslie’s Poolmart. The center was acquired in 2013 by a partnership between Peter Wenzel, founder of Wenzel Investment Group, a real estate company specializing in the development and management of shopping centers, and Victor Ferraez, an entrepreneur with over 20 years of experience in the real estate, restaurant, and entertainment industry.

“Shoppes of Southbay is located at a busy retail intersection in a growing area of Tampa with more than half of the tenants occupying space for more than 10 years,” said CBRE Senior Vice President Paul Ahmed. “In addition, the recent news of Aldi’s plans to acquire the Winn-Dixie and Harveys Supermarket divisions of Southeastern Grocers will strengthen the creditworthiness of centers like this one in the eyes of lenders.”

According to CBRE’s 2023 U.S. Real Estate Market Outlook Midyear Review, retail fundamentals remain strong despite sustained headwinds. A slowdown in retail expansions, combined with key retail closures such as Bed Bath & Beyond, Tuesday Morning, Christmas Tree Shops and others, might have turned absorption negative in years past. However, retail availability remains extremely tight, standing at a record-low 4.8%. The lack of new construction has helped balance supply and demand, with forecasts suggesting that current high levels of occupancy will continue.