CRP II Acquires Shopping Center for $7M

(Crystal Proenza is associate editor of Real Estate Florida.)

HUDSON, FL-Community Reinvestment Partners II LP has acquired Fairway Oaks, a 79,283-sf, Publix-anchored shopping center at the southeast corner of Little Road and Hudson Avenue, for $7.6 million. The fund was launched by a joint venture between Atlanta-based Forge Capital Partners LLC and Tampa-based DeBartolo Development Inc. to develop, acquire, renovate and reposition retail real estate in the Southeast.

“Publix’s sales at the property were strong and this was a key factor in driving investor interest in the deal,” said Karl Johnston, senior director with Cushman & Wakefield in Jacksonville, which represented the seller in the transaction. “In the current economic environment, deals are taking longer to complete and require seller and buyer to work together to resolve the myriad of issues that typically arise in the sale of a retail center,” he added.