The deal was done in only 75 days. "The seller wanted to take advantage of the aggressive market and elevated pricing while the buyer took advantage of an attractive lending environment," Jim Michalak, senior director, Cushman & Wakefield of Florida Inc., tells GlobeSt.com. Greenwich Capital financed the purchase.
Michalak says the contract price was below replacement cost, making the transaction "a good deal for both parties." The strongest factor in the deal was the 17-year-old property's "excellent location with increasing Winn-Dixie sales," Michalak says.
He adds, "the asset features a very successful Winn-Dixie store that has favorably weathered a new Publix store and an existing Wal-Mart Supercenter within the trade area. Mariner Village's site is the epitome of a main-on-main location within a tertiary market."
The nine-tenant center is about 40 miles north of the city on State Road 19. Beall's Outlet is a co-anchor at the 100%-leased property which sits on 7.34 acres at Sprint Hill Drive and Mariner Boulevard in Hernando County.
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