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

BROOKSVILLE, FL-Isram Realty Holdings has acquired the Western Way Shopping Center for $11.5 million from seller WR Dallas LP, an entity backed by Chicago-based Jupiter Realty. The 143,000-square-foot community center is located at 12961 Cortez Blvd., in a region where Isram Realty holds about half a million square feet in retail property, says Shai Moschowits, CEO of the Hallandale-based firm.

Isram Realty obtained financing for the deal from New York-based Intervest National Bank. The in-place NOI at time of sale was over $1 million and the cap rate was 9.3%.

Current market circumstances necessitated a sale of the 95% occupied center, says Mike Milano, managing director of retail investment sales for Colliers Arnold, which represented the seller in the deal. The buyer was attracted to the property because of its location along a major retail corridor in Brooksville-Spring Hill—an area with over 2.2 million square feet of retail space that is about 90% occupied, according to Colliers. Average leasing rates for small shops at the newly traded property are $13.70 per square foot.