CLEARWATER, FL-Northwood Plaza, a Publix-anchored shopping center, has sold for an undisclosed amount. The property was 91% leased at the time of sale.
Plaza Advisors Co-Managing Partners Jim Michalak and Anthony Blanco, together with Senior Financial Analyst Lenard Williams, represented the seller, Northwood Plaza. AEW Capital Management acquired the retail asset.
"Northwood Plaza is considered to be one of the best Publix-anchored assets in all of Pinellas County,” Michalak tells GlobeSt.com. “The property's superior location, high traffic count on McMullen Booth Road, demographic profile of the surrounding neighborhoods, and the consistently high occupancy level of the asset are unprecedented.”
Located at the intersection of McMullen Booth Road and Enterprise Road, Northwood Plaza offers 200,000 gross leasable sf. Besides Publix, major tenants include Stein Mart, CVS, Talbots, Anthony’s Coal Fired Pizza and Starbucks. The asset was constructed in 1980.
"The asset appealed to a wide variety of buyers including institutional, REITs, foreign capital, as well as private equity investors,” Michalak says. “This interest resulted in a high volume of offers and is reflective of the increased demand for successful Publix-anchored centers. Clearly the indication that the capital markets are beginning to stabilize is accurate as evidenced by this sale and its associated pricing.”
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