Five of the properties are anchored by a Publix Supermarket, "the strongest of the grocery anchors in the market," says Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc. "Grocery-anchored centers are always among the strongest performers in the retail sector."
In North Florida, Inland beat rivals to St. Joe Co.'s planned 43,200-sf Watercolor Crossing center in Watercolor, FL in Florida's Panhandle by buying a 6.5-acre parcel from Joe for $500,000 or $76,923 per acre ($1.77 per sf). Inland's estimated total land and development costs at the center are $7.28 million or about $168.51 per sf. Publix will anchor the project with a 28,800-sf store when the project breaks ground later this year.
Also in the Panhandle, Inland purchased The Shoppes at Paradise Point in Fort Walton Beach in Okaloose County from the Paradise Development Group Inc. The price for the 83,965-sf, two-year-old property was $11.67 million or $138.98 per sf. Publix operates a 44,271-st store at the center.
In nearby Tallahassee, FL, Inland bought the 95,229-sf, 23-year-old Killearn Shopping Center from Branch Capital Partners LP for $10.85 million or $113.93 per sf. "The estimated population within a five-mile radius is 95,000 with an average per-household income of $83,000 and a median age of 37--excellent demographics for a neighborhood shopping center," says Sanders. Publix operates a 53,096-sf store in the center.
In West Central Florida, the REIT acquired the seven-year-old, 77,596-sf Brooker Creek Shopping Center in Palm Harbor, FL from U.S. Retail Income Fund II LP for $8.7 million or $112.11 per sf. Located 20 miles north of St. Petersburg, FL, the property expects to draw from a population of 115,000 within a five-mile radius, Sanders says. Publix has 56,146-sf store.
The two-year-old, 105,565-sf Flamingo Falls Town Center in Pembroke Pines, FL was purchased from CA New Plan Venture Fund for $23.85 million or $219.68 per sf. This Broward County location has about 120,000 residents within a three-mile radius of the center, Sanders says.
The 14-year-old, 93,643-sf River Run Shopping Center in Miramar, FL was acquired from Woolbright Development Inc. of Boca Raton, FL for $11.8 million or $126.01 per sf. Publix is the anchor with a 42,968-sf store. Sanders calls Miramar "home to explosive office, industrial and residential development activity, creating an excellent retail environment."
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