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

ORMOND BEACH, FL-The Jaffe Corp. has purchased the 234,045-square-foot Ormond Towne Square for $20 million from seller Developers Diversified Realty, a Beachwood, OH-based publicly traded REIT. The buyer, a locally based real estate investment and development company, capitalized on the opportunity to acquire the center quickly and closed on the property within 55 days from contract signing, says Michael Cleeman, senior managing director of Cohen and Co. Inc. Real Estate, which represented the buyer in the transaction. The transaction was financed, but details about the lender and amount of debt were not disclosed.

"Richard Jaffe, president of the Jaffe Corp., moved quickly when he saw the opportunity to purchase a Publix Super Market-anchored retail center in his backyard with upside opportunity and strong sales," adds Cleeman. "The property will fit in very nicely with the company's portfolio of retail properties in the Central Florida area." A request for more information on the buyer's holdings in the region was not answered Tuesday.

Ormond Towne Square is currently 95% leased with major tenants including Bealls, Ross Dress for Less, Dollar Tree, GNC, Hallmark Gold Crown and Jackson Hewitt. Average leasing rates for shop space is around $20 per square foot, says Cleeman. The property, which was built in 1993, is located at 1458 W Granada Blvd., near the interchange of State Road 40 and Interstate 95 The asset fits the profile for properties desired by the Jaffe Corp. in that it is well located with potential for value-add, reports Cleeman, adding that the company already has tenants lined up to fill the center's remaining 5% vacancy.