Cole Real Estate Investments has acquired two multi-tenant shopping centers in Florida in separate transactions totaling $47 million. The properties include Volusia Square in Daytona Beach, purchased from Retail Planning Corp. for $31 million, and Breakfast Point Marketplace in Panama City Beach, acquired from Columbia Properties for $16 million.
Volusia Square is a 228,139 sq. ft. shopping center that is 96% leased and includes a mix of national, regional and local tenants, including Hobby Lobby, HH Gregg, TJ Maxx, Dollar Tree, Bealls Outlet and Pier 1 Imports. The property is located along International Speedway Boulevard in a dense retail corridor immediately adjacent to Daytona International Airport and Daytona International Speedway.
Breakfast Point Marketplace is a Class-A, 97,931 sq. ft. shopping center that is 99% leased and includes a mix of national, regional and local tenants anchored by Publix and Office Depot. Constructed in 2009, the property is located at the northeast corner of Panama City Beach Parkway and Richard Jackson Boulevard. Panama City is a popular tourist location, home to Tyndall Air Force Base and the Air Education and Training Command.
“These assets are perfectly aligned with Cole’s acquisition parameters that focus on well-located, core retail assets leased to creditworthy tenants with long-term commitments that provide stable returns,” said Kim Kundrak, senior vice president and chief acquisitions officer for Phoenix-based Cole.
Founded in 1979, Cole targets net leased single-tenant and multi-tenant retail properties in addition to single-tenant office and industrial properties. Today, Cole-related entities own or manage 37 million sq. ft. of commercial real estate in 46 states with a combined acquisition cost of approximately $7 billion.