MIAMI-Plaza Advisors has closed back-to-back Publix-anchored shopping center transactions for an undisclosed amount. Country Walk and West Bird Plaza received multiple offers in a prime Central Miami market.
Plaza Advisors’ co-managing partners Anthony Blanco and Jim Michalak, together with Senior Financial Analyst Lenard Williams, represented the sellers in both transactions. An entity affiliated with Saglo Development sold Country Walk to an Equity One affiliate, and an entity affiliated with Phillips Edison sold West Bird Plaza to the same group.
“Both properties are in-fill shopping centers with long track records of stable occupancy histories,” Anthony Blanco, co-managing partner at Plaza Advisors, tells GlobeSt.com. “The sellers felt it was the right time to capitalize on where the market is headed for institutional quality assets like these. They plan to redeploy the capital into other opportunities.”
Country Walk is located at the intersection of SW 152nd St. and SW 137th Ave. Also home to CVS Pharmacy, the 100,229-square-foot shopping center was built in 1985 and renovated in 2006 and 2008. The property is 96% occupied. West Bird Plaza is located at the intersection of Bird Road and SW 117th Ave., adjacent to the Florida Turnpike. The 99,864-square-foot shopping center is also home to a CVS Pharmacy. It was developed in 1977 and is 94% occupied.
“Both of these deals were at near-record cap rate pricing,” Blanco says. “These types of quality assets in Central Miami-Dade County, where we are obviously running out of land to build new centers, will continue to command the highest level of pricing in South Florida’s retail arena.”
Plaza Advisors just listed another Publix-anchored shopping center, Courthouse Shadows, in Naples. The shopping center spans 134,667 square feet on Tamiami Trail and Airport Pulling Road. OfficeMax and West Marine are also tenants. But Beth Azor, principal of Azor Advisory Services, tells GlobeSt.com she doesn’t expect to see the same level of interest on the Naples property.
“Population growth cures a lot of ills,” Azor says. “If Country Walk and West Bird were in Palm Beach county, I don’t think we would have seen the same level of interest. With international populations taking advantage of residential opportunities in Miami, these two properties saw huge demand. Publix and Dade county -- that’s like two aces in a hand right there.”
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