MIAMI – The Shopping Center Group, the largest, retail-only real estate advisory firm along the Eastern seaboard, finalized the sale of two central Florida shopping centers ideally situated in popular tourist markets. 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, Fla. 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.
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 Blanco, Lenard Williams, senior associate, and Mallory Ham, analyst.
For more information: Jenn Weyand ([email protected], 678.290.1460)