Cincinnati's Midland Atlantic buys Hays Road Town Center

BUYER: Mo Hayes LLC (principal: John Silverman), Cincinnati

SELLER: Haysvest LLC

PROPERTY: 14751 and 14851 State Road 52, Hudson

PRICE: $13 million

PREVIOUS PRICE: $3.9 million, June 2009

LAW FIRM ON DEED: Hartman Simons & Wood LLP, Atlanta

PLANS, DESCRIPTION: Cincinnati-based Midland Atlantic purchased the 71,631-square-foot Hays Road Town Center retail area for $13 million.

The price equated to $181 per square foot.

Anchored by a 45,000-square-foot Publix grocery store, the retail development also houses a number of smaller tenants, including a Beef 'O' Brady's restaurant, a UPS store, Great Clips, HMA Physicians office and Verizon Wireless. The retail center was built in 2011. It was 90% occupied at the time of the sale.

“What attracted us to it is that Publix is doing well there,” says Chris Palermo, acquisitions manager for Midland Atlantic. “There's a lot of traffic there on State Road 52. It's in a growing area of Pasco County, where there's a lot of housing. There's a lot of good interest there.”
The seller, Haysvest LLC, retained all the unsold outparcel properties.

Midland Atlantic develops, acquires and manages retail properties principally in the Midwest and mid-Atlantic regions. Hays Road Town Center is the firm's first property in Florida.