The Illinois REIT paid Tallahassee-based Branch Capital Partners $114 per sf for the 18-tenant center anchored by Publix, Eckerd Drugs and Bonefish Grill. Jim Michalak, senior director at Cushman & Wakefield of Florida Inc., negotiated for the seller.
"Retail financial investment remains extremely strong, with high demand and limited supply of desirable retail product," Michalak tells GlobeSt.com. He expects the retail investment market to "remain strong through the end of the year."
The broker projects retail cap rates will increase by 50 to 75 basis points for 'necessity centers', such as grocery-anchored properties, within nine to 12 months.
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