The Shopping Center Group Finalizes Sale Of 2 Central Florida Retail Centers

Oct 14, 2013 No Comments by

The Shopping Center Group finalized the sale of two central Florida shopping centers.

The completion of these two transactions brings the Florida investment division’s total aggregate volume for 2013 to $130 million with 10 deals  completed since January.

A Starbucks-anchored retail center near Walt Disney World Resort sold for $3.3 million while a Publix-anchored neighborhood center in Cocoa Beach sold for $7.5 million.  Both transactions were finalized on September 23.  Additional terms were not disclosed.

“Florida’s retail market has rebounded, and there is a great deal of appetite for retail investment opportunities around the state,” explains Anthony Blanco, director of investment sales, The Shopping Center Group.  “Despite a rise in interest rates this year, pricing remains strong and is largely due to the lack of high quality retail centers.”

Located in the surfing capital of the east cost, Banana River Square is anchored by a 44,824-square foot Publix Super Market.  The property, originally built in 1983 and renovated in 1996, is currently 89% leased.  Situated at the intersection of North Atlantic Avenue and South Banana River Boulevard, the center is ideally located in the heart of Space Coast, a community with significant barriers to entry.  The Shopping Center Group represented the seller, an affiliate of Columbus, Ga.-based Victory Real Estate Investments, in the transaction.  A Publix affiliate purchased the property.

A thriving Starbucks leads the tenant line-up at the 100%-leased retail center at the entrance to Blue Heron Beach Resort, a dual-tower residential community in the Walt Disney tourist region. Built in 2008, the center also includes Subway, Tennis Plaza and three additional local tenants and is situated on Apopka Vineland Road (CR 535), approximately a half-mile south of Interstate 4.  The Shopping Center Group represented the seller, an affiliate of Tiforp Development, in the sale of the asset to a foreign private investor.

 

 

Source:  GlobeSt.

Go Ahead...Share!
  • email
  • Facebook
  • LinkedIn
  • Twitter
  • Add to favorites
  • Print
Industry News, NA, Retail
No Responses to “The Shopping Center Group Finalizes Sale Of 2 Central Florida Retail Centers”

Leave a Reply