A closing on the sale is expected in the third-quarter of this year, pending the completion of a due-diligence inspection by Price and final approval from the Hollywood-based real estate company's board of directors, according to a copy of the purchase-sale agreement obtained by GlobeSt.com.

Except for one site in the Orlando area, all of the centers are located in South Florida.Reporting a total average occupancy of 97%, the seven centers have a lease roll of 250 tenants and 2.8 million sf of gross leaseable space.

The properties are the Oakwood Plaza, Oakwood Business Center and Hollywood Hills Plaza and Park Plaza, all in Hollywood; Cypress Creek Station, Fort Lauderdale; Kendale Lakes Plaza, Miami; Cross County Plaza, West Palm Beach; and Millenia Plaza, Orlando.

S.L. Nusbaum Realty Co., a Norfolk, VA-based brokerage, is representing the buyer in the transactions.

This is the first expansion into Florida for Price Enterprises, which announced in March its intent to merge with publicly traded Excel Legacy Corp. and to re-emerge as a real estate investment trust operating as Price Legacy Corp.

To execute its new business strategy, the newly formed REIT secured a $100-million capital commitment from Warburg Pincus in exchange for 18 million shares of a newly created preferred stock and 2.5 million shares of common stock.

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