Winn-Dixie Plaza Fetches $6 Million

Jul 24, 2012 No Comments by

Errol Plaza, a 71,490-square-foot Winn-Dixie-anchored retail center in Apopka, FL, has traded for $6.125 million.

Kimco Realty sold the asset to Suso 1 Errol, a fund indirectly managed by Slate Properties.

HFF managing directors Brad Peterson and Danny Finkle, along with associate director Michael Weinberg, led the team representing Kimco. Slate Properties is a Toronto-based commercial real estate investor and asset manager.

“This sale is another example of how investors are expanding their acquisition criteria within the grocery-anchored space in Florida,” said Peterson. “Over the past month, HFF has closed grocery-anchored investments anchored by Publix Supermarkets, Wal-Mart Neighborhood Market, Sweetbay Supermarkets and now Winn-Dixie.”

Located on West Orange Blossom Trail near the intersection of Errol Parkway about 20 miles northwest of Downtown Orlando, Errol Plaza is about 97% occupied. The grocery-anchored retail center serves about 39,500 people within a three-mile radius. Other tenants of the center include Planet Fitness and Winn-Dixie Liquor Store.

“Interest was primarily from high-quality private investment groups due to the deal size, but nearly 20 offers were received,” Peterson says. “The sale of Errol Plaza was one of the first ‘transformational’ Winn-Dixie anchored centers brought to market, and investors really embraced Winn-Dixie’s success with the strategy.”

 

Source:  GlobeSt.

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Industry News, NA, Retail
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