Equity One bought the properties from Jamestown, a locally based real estate investment firm representing investors in Germany where Jamestown has an office in Cologne. Competition for the properties from buyers was strong, says broker Joe Montgomery of locally based Spectrum Realty Advisors which negotiated for Jamestown.
"Grocery-anchored retail continues to be one of the most desirable real estate investments" today, Montgomery says. "With such well-located properties, demand was intense."
Equity's acquisitions were the 10-year-old, 69,277-sf Publix at Middle Beach on Hutchison Road in Panama City and the nine-year-old, 68,055-sf Publix at Woodruff on Woodruff Road in Greenville.
Katherine Isakson of Spectrum worked with Montgomery in representing Jamestown. Spectrum's total volume of properties sold in 2003 topped $70 million in 12 individual transactions.
Spectrum Realty Advisors and Spectrum Cauble Management provide leasing, property management, development, tenant representation and investment property brokerage services throughout the Southeast.
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