FT. MYERS, FL-The Shops at Verandah, a Publix-anchored shopping center, has sold for an undisclosed amount. The property is 92% leased.
Plaza Advisors Co-Managing Partners Jim Michalak and Anthony Blanco, together with Senior Financial Analyst Lenard Williams, represented the buyer, Delray Beach-based real estate investment firm CR South. The seller, The Shops at Verandah, Ltd., was not represented by a broker.
“The Shops at Verandah is well stabilized with 92% occupancy, which solidifies the fact of how strong Publix is particularly considering that the Southwest Florida housing market has one of the highest vacancy rates in the state,” Michalak tells GlobeSt.com. The sale of the Shops at Verandah marks the third Publix-anchored center Plaza Advisors sold in the past four months.
Located at the intersection of Palm Beach Boulevard and SR 31, the shopping center totals 72,795 square feet of gross leasable area. Besides Publix, the center is home to Beef ‘O’ Brady’s, Pinch a Penny, Allstate, H&R Block, and separately owned freestanding Regions Bank, Exxon Mobil, and Wachovia/Wells Fargo. The asset was constructed in 2006.
“The asset's quality construction, age, tenant mix, market rents, and location are optimal and position the asset to be market competitive as well as providing the new owner with consistent and safe cash flow,” Michalak says. Michalak expects to see an uptick in retail shopping center sales in the first quarter after witnessing 27 Publix-anchored centers in Florida sell during 2010, eight of which sold in November and December.
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