MIAMI – The Shopping Center Group, the largest, retail-only real estate advisory firm in the Eastern United States, completed the sale of three well-positioned retail properties in two high-profile Florida markets.
The 105,453-square foot LA Fitness Plaza in Palm Beach Gardens sold 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,” states Anthony Blanco, director of investment sales, 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. The property, originally built in 1986 and renovated in 2012, is currently 100% leased. Situated at the intersection of PGA Boulevard and Fairway Drive, the center is ideally located at the entrance to the renowned PGA National Golf Club and the numerous adjacent residential communities.
The Shopping Center Group represented the seller, a joint venture between Boston, Mass.-based The Davis Companies and Palm Beach, Fla.-based Sterling Organization. Connecticut-based Cornerstone Real Estate Advisers acquired the property on June 13. A 39,000-square foot Publix Super Market leads the tenant line-up at the 98%-leased Deltona Commons. Built in 2007, the neighborhood center is located at the intersection of Courtland and Fort Smith Boulevards in Deltona, Fla.
The Shopping Center Group represented the seller, an entity affiliated with Brandon Partners in Orlando. Cole Real Estate acquired the asset on June 19 in a transaction that was completed within 45 days of contract execution. Located in close proximity to Orlando’s central business district, Market at Southside is anchored by Ross Dress for Less, Bealls Outlet, Dollar Tree and Pet Supermarket. Currently 94% leased, this 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 property on June 24.
“Three sales within 10 days evidences the current flurry of activity within the retail real estate arena,” explains Blanco. In addition, The Shopping Center Group recently brought to market an additional six retail properties with strong fundamentals. Ranging from 12,000 to 112,000 square feet, the properties for sale are situated throughout Florida, as well as one property – Southview Square – in Dothan, Ala. The Florida market offerings include Lake Washington Square (Melbourne), Banana River Square (Cocoa Beach), Park Village (Lakeland), St. Lucie Square (Port St. Lucie) and Osceola Shops (Kissimmee).
“While interest rates remain low, we feel certain that the interest in these assets will be quite strong,” concludes Blanco.
The Shopping Center Group represents institutional and private owners of retail real estate throughout the east coast of the United States. In their efforts to maximize the return on investment from the sale of properties, the team utilizes a comprehensive sales effort that combines an institutional level capital markets model with the retail tenant representation aspect of commercial real estate. The Florida investment sales team includes Anthony Blanco, director of investment sales, Lenard Williams, senior associate, and Mallory Ham, analyst.
About The Shopping Center Group Founded in 1984, The Shopping Center Group, with approximately 125 licensed professionals in 11 states, is a retail real estate advisory firm respected for its analytical approach, wide-ranging resources and industry leading results. The firm delivers "best in class" service in tenant representation and surplus disposition, project leasing, property management and construction supervision, investment advisory services, capital markets and location analytics to retailers, landlords, developers, investors and financial institutions throughout the Eastern United States. In 2012, The Shopping Center Group’s transaction volume topped $1.1 billion, a 25% increase over 2011 transactions. The firm’s third-party portfolio includes exclusive leasing assignments for over 550 retail centers totaling 55 million square feet and management agreements for almost 10 million square feet of retail property. The firm also represents over 300 national and regional retailer and restaurant operators. For more information, visit www.theshoppingcentergroup.com. # # #