TAMPA, Fla., March 23, 2018 /PRNewswire/ -- Clover Investment Properties is pleased to announce the acquisition of Palms Plaza, a 33,000 square foot retail center located in the South Tampa/Palma Ceia area along the heavily travelled South Dale Mabry Highway. Developed in 1982, the property is 100% leased to local and national tenants.
Clover's Managing Partner, Lyle Fogarty, remarked, "We look forward to becoming the first new owner in 35 years of this extremely well positioned asset. It's our goal to impact positive change in any new development or asset we acquire. It's especially fulfilling to do so in our hometown with Palms Plaza, a property visited by our friends and neighbors on a daily basis."
The new ownership group, led by Clover Investment Properties, has hired Commonwealth Commercial Partners (CCP), a Richmond, Virginia-based comprehensive property solutions firm, as property manager and will look to CCP to manage the general maintenance and tenant relations of the 33,000-square foot retail center. CCP will work closely with Clover to thoughtfully explore future renovations to modernize the center to improve tenant and customer experiences.
"The South Dale Mabry corridor has seen a significant amount of new investment and project renovations during this cycle," said Scott Holman, Managing Director at Commonwealth Commercial in Tampa, "and we are very excited to be working with Clover on their acquisition of Palms Plaza. This project has been a mainstay in the South Tampa market and we look forward to bringing our pro-active property management approach to this project."
About Clover Investment Properties
Clover Investment Properties pursues and executes on innovative value-add real estate opportunities. Clover develops and invests in real estate properties in markets we know and understand, particularly the larger markets in the Southeastern United States. With experience in various product types, we mine value from new development or from properties that are overlooked or underperforming relative to their potential.
About Commonwealth Commercial Partners, LLC
Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Houston TX and Reading PA. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services. To learn more, visit www.commonwealthcommercial.com.
SOURCE Commonwealth Commercial Partners, LLC