Faison & Associates affiliate buys University Collection

BUYER: University Collection-FCA LLC (principals: Shawn Nelson, H.T. Webb III, Chris Poplin, Susan Bracken and Edward Young), Charlotte, N.C.
SELLER: University Collection CRP LLC
PROPERTY: 2618 and 2798 E. Fowler Ave., Tampa
PRICE: $18.4 million
PREVIOUS PRICE: $23.05 million, February 2006
LAW FIRM ON DEED: Gunster Yoakley & Stewart PA, West Palm Beach

PLANS, DESCRIPTION: An affiliate of Charlotte, N.C.-based Faison & Associates LLC purchased the 107,000-square-foot University Collection retail center for $18.4 million.

The price equated to $172 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The firm purchased the entire center excluding a separately owned Sweetbay Supermarket building. The four-building center also features Dollar Tree, Pet Supermarket, Five Guys Burgers and Fries, Jason's Deli and outparcel buildings for FedEx/Kinko's and Chili's. The development was 80% occupied at the time of the sale.

The developer/investor acquired the property on behalf of a pension fund, according to Al Lindemann, senior managing director Faison Capital Advisor, the fund advisory arm of Faison & Associates.

“We like Florida and Tampa, and areas with high barriers to entry,” Lindemann says. “[This property also has] the combination of USF and three hospitals, which has driven a tremendous amount of traffic to the property.”

The new owner plans to improve the physical aesthetics of the retail center. It has hired CBRE's Tampa office to market the remaining vacant space.