Colliers Brokers Sale of Trinity Village Center for Colterra Capital Corporation in Tampa Bay Suburb

Colliers has brokered the sale of Trinity Village Center, a 76,834-square-foot unanchored retail strip center located at 10720 State Road 54 in Trinity, Florida, on behalf of seller Colterra Capital Corporation. The transaction was announced Sept. 2, 2026. Colterra Capital Corporation acquired the property in October 2016 for $18,220,000.

Tommy Isola and Whitaker Leonhardt of Colliers represented Colterra Capital Corporation in the transaction.

Asset Profile and Tenant Mix

Trinity Village Center sits on approximately 11.56 acres at the signalized intersection of State Road 54 and Duck Slough Boulevard, a location that benefits from visibility to more than 80,000 vehicles per day. The center was built in 2007 and comprises 28 tenant spaces across the broader complex.

The property was 93% occupied at the time of sale. More than 80% of the center's revenue is generated by nationally recognized and regionally dominant brands. Notable tenants include Bonefish Grill, which occupies an owned outparcel, as well as Synovus Bank and Tampa General, both of which are housed in a multi-tenant building on the property.

Colterra Capital Corporation, which invests in and manages real estate on behalf of private investors, holds assets across Florida, Virginia, North Carolina, South Carolina and Alabama.

Mark-to-Market Upside Drove Investor Interest

A central element of the investment thesis for Trinity Village Center is the gap between in-place rents and prevailing market rates. Average base rents at the property are less than $26 per square foot, compared to nearby comparable rents in the mid-$40s to mid-$50s per square foot range — a spread of approximately 55% below market. Nearly 50% of the property's gross leasable area is scheduled to expire by 2032, creating near-term opportunities for landlords to reset rents toward current market levels.

"Trinity Village Center attracted significant investor interest due to its combination of strong in-place cash flow, exceptional tenancy and compelling mark-to-market opportunity," said Tommy Isola, senior associate at Colliers. "The property offers investors the ability to acquire a stable, high-performing retail asset positioned for meaningful revenue growth in one of the Tampa Bay region's fastest-growing submarkets."

Whitaker Leonhardt, executive vice president at Colliers, echoed that assessment. "Investors continue to pursue well-located retail assets that combine durable tenancy with measurable upside," Leonhardt said. "Trinity Village Center's strong tenant roster, affluent demographics and substantial rent growth potential made it a highly attractive offering in today's market."

Demographics and Submarket Context

Trinity is among the fastest-growing affluent communities within the Tampa metropolitan area. The trade area surrounding Trinity Village Center features average household incomes approaching $190,000 and projected population growth of nearly 10% over the next five years. The property is within six miles of both U.S. Highway 19 and the Suncoast Parkway, providing connectivity throughout the broader Tampa Bay region.

The transaction reflects continued investor demand for necessity-based and service-oriented retail properties in Florida's high-growth markets. Colterra's initial underwriting for the property projected a 9.14% average cash-on-cash return over a 10-year hold, with the center noted as 100% occupied at the time of acquisition — a figure that edged down to 93% by the time of the current sale.

About the Parties

Colliers is a global commercial real estate services firm. Tommy Isola is a senior associate in Colliers' retail investments practice based in Orlando. Whitaker Leonhardt serves as executive vice president at Colliers in Orlando.

Colterra Capital Corporation is headquartered in Montreal, Quebec, and invests in and manages real estate on behalf of private investors.

Sources

Colliers | Colliers Facilitates Sale of 76,834-Square-Foot Retail Center in Trinity, FL