Florida Witnesses Retail Trade Flurry

Jul 17, 2013 No Comments by

Shopping centers are seeing pricing traction as demand continues rising.

LA Fitness Plaza, a 105,453-square-foot shopping center in Palm Beach Gardens, has traded for $22.3 million, while the 48,797-square foot Deltona Commons and the 95,135-square foot Market at Southside, both in central Florida, sold for $9.7 million and $9.3 million, respectively.

“We’re seeing a strong resurgence in demand for well-positioned, income-producing properties by both institutional and private investment groups,” says Anthony Blanco, director of investment sales at The Shopping Center Group. “With these three Florida properties closing just last month, and a total of $112 million in transactions in the first half of the year for our sales team alone, demand throughout the Southeast for fundamentally strong retail properties will soon outpace the supply.”

Located in Palm Beach Gardens, LA Fitness Plaza is anchored by a 41,255-square foot LA Fitness. Originally built in 1986 and renovated in 2012, the retail property is 100% leased. It’s located at the intersection of PGA Boulevard and Fairway Drive at the entrance to the renowned PGA National Golf Club and several nearby residential communities.

The Shopping Center Group represented the seller, a joint venture between Boston-based The Davis Companies and Palm Beach, FL-basedSterling Organization. CT-based Cornerstone Real Estate Advisers acquired the retail asset.

Meanwhile, a39,000-square foot Publix Super Market leads the tenant line-up at the 98%-leased Deltona Commons. Built in 2007, the neighborhood shopping center is located at the intersection of Courtland and Fort Smith Boulevards in Deltona, FL. The Shopping Center Group represented the seller, an entity affiliated with Brandon Partners in Orlando. Cole Real Estate acquired the asset.

Finally, Market at Southside is anchored by Ross Dress for Less, Bealls Outlet, Dollar Tree, and Pet Supermarket. Currently 94% leased, the Orlando shopping center is recognized for its long history of high occupancy and tenant sales. The Shopping Center Group represented Houston based Weingarten Realty. An entity affiliated with Stiles Corporation purchased the retail property.

“Three sales within 10 days evidences the current flurry of activity within the retail real estate arena,” says Blanco. In addition, The Shopping Center Group recently brought to market an additional six retail properties with strong fundamentals. While interest rates remain low, we feel certain that the interest in these assets will be quite strong.”

 

Source:  GlobeSt.

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Industry News, NA, Retail
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