Matthews™ Completes Strategic Disposition of Medical-Anchored Northcliffe Center in Florida

TAMPA, FL—Matthews™, a commercial real estate investment services and technology firm, completed the sale of a medical-anchored shopping center located at 8365 Northcliffe Blvd in Spring Hill, FL. Matthews™ Associate Andrew Doerr and First Vice President & Associate Director Jake Lurie represented the seller in the $7,950,000 transaction, which marked the second-highest sale price for a retail property in the Hernando County submarket.

Northcliffe Center is strategically positioned along Northcliffe Boulevard just off U.S. Highway 19, which sees more than 45,000 vehicles per day, offering exceptional visibility and accessibility within one of Spring Hill’s dominant retail corridors. Anchored by Tampa General Medical Group, the physician practice network of Tampa General Hospital, the property benefits from a strong healthcare presence that drives consistent daily traffic and supports long-term tenancy. The 100% occupied center features nine tenants, seven of whom operate under gross lease structures, providing stable in-place cash flow while creating opportunities to enhance expense recoveries through future lease restructuring. Northcliffe Center also includes a 0.8-acre outparcel, offering additional potential for future development and long-term value enhancement.

The seller, a physician ownership group, brought the property to market as part of a broader retirement-planning strategy. Matthews™ implemented a targeted marketing campaign focused on qualified shopping center investors, leveraging its market expertise and extensive industry relationships to generate immediate interest. Through proactive outreach and strategic buyer selection, Matthews™ sourced a well-capitalized local operator whose acquisition criteria closely aligned with the property’s fundamentals, reducing execution risk and creating confidence in the buyer’s ability to perform. By aligning the interests of 10 individual owners and navigating a due diligence process that included the collection of multiple tenant estoppels and SNDAs, Matthews™ successfully guided the transaction from listing to closing in approximately three months while achieving the seller’s net proceeds objectives.

“Assets anchored by nationally recognized healthcare providers continue to attract strong investor interest, particularly when combined with full occupancy and opportunities for future value creation,” said Lurie. “Northcliffe Center checked all of those boxes. By identifying the right buyer early and maintaining close communication among all parties, we were able to execute an efficient transaction that delivered a successful outcome for our client.”

The buyer, Foresight Property Services, is a Tampa-based commercial real estate investment and management firm with more than 35 years of experience acquiring, leasing, and managing retail and office properties throughout the Tampa Bay region. Northcliffe Center’s nationally recognized healthcare anchor, fully leased tenant roster, and stable in-place cash flow made the property a strong fit for the firm’s investment criteria, while its outparcel and lease structure provide opportunities for future value creation. The acquisition expands Foresight’s presence in West Central Florida and adds a high-quality neighborhood shopping center to its growing portfolio.

For more information, please contact Andrew Doerr and Jake Lurie or visit www.matthews.com.

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.