Hutton Sells Cypress Creek Town Center Portfolio In Lutz For $49.6M
State Rd 56 & Wesley Chapel Blvd Wesley Chapel, FL 33559, USA
$49,600,000
$206/SF
Building Size
240,211 SF
Asset Type
Retail
Closing
Jul 26, 2023
About this deal
AI
The Cypress Creek Town Center Portfolio in Lutz has been sold for $49.6 million. The retail property is located at the intersection of State Road 56 and Wesley Chapel Blvd. It spans an area of 240,211 square feet, resulting in a price per square foot of $206. The shopping center is fully leased and features notable anchor tenants such as Total Wine, Hobby Lobby, Burlington, HomeGoods, Badcock Furniture, and Dollar Tree.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $49,600,000
- Address: State Road 56 & Wesley Chapel Blvd
- Market: Lutz
Newmark, represented by Drew Fleming, successfully brokered the sale of the Cypress Creek Town Center Portfolio. Hutton served as the seller in this transaction. Drew Fleming, from the Newmark agency, played a key role in facilitating the deal, which involved the fully leased retail property in Lutz.
On the Map
$49,600,000
$206/SF
Retail
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93