The commercial frontage along “University Mall” is now for sale in New Port Richey, Fla. Three parcels at 3545 & 3561-3621 on US Highway 19 collectively form a 5.4-acre tract that’s well positioned for redevelopment and includes excess acreage for outparcel improvement; a rare find in a market with limited pad site availability.
Once a cherished Florida home-improvement retailer, Handy City, the 43,548-square-foot center eventually became an indoor market for 15 years. Retailers “For the Floor” and “Pall Corporation” currently share the co-anchor space.
To navigate its next phase, owners (Life Properties, Inc.) enlisted the joint forces of two Tampa commercial brokerage leaders, Mark Shellabarger and Paul Rutledge – both of LQ Commercial. The duo joined forces last year after 20 years of collaborative dealmaking across “houses” (JLL and CBRE). Today, Paul’s developmental and visionary background converges with Mark’s analytical rigor under one roof: LQ Commercial, a leader in Florida brokerage.
Their collective consultation affirms a repositioning as its highest and best use.
“The New Port project is just waiting for a visionary with creative energy to take control,” said Rutledge. “Much of the legwork is already removed – access, curb cuts, lighting, and pavement are already in-place.”
“The future isn’t solely focused on retail,” added Shellabarger. “The numbers work for multi-family, industrial, or a variety of single tenant users. Now it’s a matter of securing approvals.”
Class-A medical office / surgery conversion was also discussed. With a wide variety of zoning permissions, the destiny of this “covered” land play remains in the eye of the beholder.
For more information, visit https://properties.lqcre.com/us-19-commercial-investment-property.
