A Wesley Chapel shopping center has sold to a South Florida buyer for$30 million.

Village Market at Wesley Chapel comprises a 98,547-square-foot shopping center and ve
freestanding, net-leased buildings on over 16 acres. It is anchored by Crunch Fitness, which
occupies over 30,530 square feet in the center.

Kirk Olson and Drew Kristol of Marcus and Millichap’s Institutional Property Advisors
represented the seller, Wesley Chapel SC Company Ltd., and procured the buyer, an a liate of
South Florida-based JBL Asset Management.

“One hundred percent occupied with multiple tenants on short-term leases, this acquisition gives
the buyer many mark-to-market opportunities,” Olson said in a statement.

The shopping center, built in 1988, is just o Interstate 75 at the corner of Wesley Chapel
Boulevard and Bruce B. Downs Boulevard. In addition to Crunch Fitness, other tenants include
Ace Hardware, AutoZone, Burger King, Popeyes and Waffle House. It is near Bay Care’s new
hospital as well as The Grove at Wesley Chapel, a shopping and entertainment property.

“Wesley Chapel’s average annual household income of $107,000 and 28% population growth
since 2010 justify further investment to enhance the property and increase net-operating
income,” Kristol said in a statement