Canadian real estate company Colterra Capital Corp. has sold Trinity Village Center, a 76,834-square-foot retail property in Trinity, Florida, for $23 million. Crow Holdings acquired the center, which was 93% leased at closing and includes a mix of outparcels and multi-tenant retail space.
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Key takeaways\
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- Crow Holdings purchased the Trinity, Florida, retail center for $23 million.\
- The property spans 76,834 square feet and sits about 30 miles north of Tampa.\
- Trinity Village Center was 93% leased when the transaction closed.\
- Notable tenants include Bonefish, Synovus Bank and Tampa General.\
- Colliers represented Colterra Capital in the sale.
The transaction adds a well-leased neighborhood retail asset to Crow Holdings’ portfolio while giving Colterra Capital an opportunity to monetize its investment in the Tampa-area property.
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Property profile\
Trinity Village Center combines several outparcels with a multi-tenant building, creating a diversified retail configuration. The property is located in Trinity, a growing community in the Tampa Bay region, approximately 30 miles north of Tampa.
Its tenant roster includes Bonefish, Synovus Bank and Tampa General, providing a combination of restaurant, financial-services and healthcare-related occupancy. The center’s 93% leased rate indicates that most of the available space was occupied at the time of the sale.
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Transaction details\
The purchase price was $23 million, although the reported transaction details did not include additional terms such as financing, capitalization rate or the buyer’s anticipated plans for the property. The sale represents a change in ownership for a retail center positioned within the broader Tampa metropolitan market.
Colterra Capital, which is based in Canada, was represented by Tommy Isola and Whitaker Leonhardt of Colliers. Their involvement reflects the role of investment-sales specialists in marketing and completing the transaction.
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Significance for Tampa-area retail\
The sale highlights continued investor interest in established retail properties with significant occupancy and recognizable tenants. Centers that combine daily-needs services, restaurants and financial or healthcare uses can offer buyers multiple sources of consumer traffic.
For Crow Holdings, Trinity Village Center provides exposure to the Tampa Bay region through an operating asset rather than a ground-up development. For Colterra Capital, the sale converts its ownership position into proceeds while transferring future leasing and asset-management responsibilities to the new owner.
Sources
- Colterra Capital Sells Trinity Village Center in Metro Tampa, Florida, for $23 Million, Shopping Center Business.