DAYTONA BEACH, FL-Cole Real Estate is maintaining its reputation as one of the most active buyers in today’s market with the acquisition of two Florida shopping centers. Cole snapped up two multi-tenant shopping centers in separate transactions for a grand total of $47 million invested.

Those properties are Volusia Square in Daytona Beach and Breakfast Point Marketplace in Panama City Beach. Cole purchased Volusia Square from Retail Planning Corporation for $31 million and Breakfast Point Marketplace from Columbia Properties for $16 million.

Tom Falatko, vice president of acquisitions, represented Cole in the Volusia Square transaction, and Brad Peterson of HFF represented Retail Planning Corporation. Clint Marchuk, director of acquisitions, represented Cole in the Breakfast Point Marketplace transaction, and CB Richard Ellis’ Chris Decoufle, Cliff Taylor and Kevin Reavey represented Columbia Properties.

“These assets are perfectly aligned with Cole’s acquisition parameters that focus on well-located, core retail assets, leased to creditworthy tenants with long-term commitments, and providing stable returns,” says Kim Kundrak, senior vice president and chief acquisitions officer. “Cole has capitalized on acquisition opportunities for top-quality properties as market fundamentals in Florida continue to improve.”

Volusia Square is a 228,139-square-foot, 96% leased shopping center with a mix of national, regional and local tenants, including Hobby Lobby, HH Gregg, TJ Maxx, Dollar Tree, Bealls Outlet and Pier 1 Imports. The property is located along International Speedway Boulevard in a dense retail corridor adjacent to Daytona International Airport and Daytona International Speedway.

Breakfast Point Marketplace is a Class A, 97,931-square-foot, 99% leased shopping center with a mix of national, regional and local tenants anchored by Publix and Office Depot. Built in 2009, the property is located in the market at the northeast corner of Panama City Beach Parkway and Richard Jackson Boulevard. Panama City is a popular tourist location, home to Tyndall Air Force Base and the Air Education and Training Command.

“Both of these centers epitomize what Cole and other institutional investors are seeking,” Anthony Blanco, co-managing partner at Plaza Advisors, tells GlobeSt.com. “Volusia Square is a phenomenal power center with a successful operating history, including the recent addition of an HH Gregg store and Breakfast Point Marketplace features the anchor tenancy of Publix and Office Depot under a long-term lease. Both centers are very well positioned in their trade area and should continue to see high occupancy rates well into the foreseeable future.”

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