TAMPA, FL-HFF just announced three closings on retail properties in two Florida markets. Century Town Center in Vero Beach, Shoppes of Apollo Beach in Tampa, and St. Charles Plaza in Haines City have all traded for more than $10 million.
The HFF team representing the seller included managing directors Danny Finkle and Brad Peterson and director Luis Castillo. Thomas Falatko, vice president of acquisitions, represented Cole in the Century Town Center deal.
“Demand from private and institutional investors for high quality retail centers in strong growth markets, as well as the availability and depth of financing alternatives, is driving the uptick in sales,” Castillo tells GlobeSt.com. “The increased transaction volume is partially the result of the investor demand and strong pricing for core retail properties. Lenders and special servicers are also bringing more properties to market and there is a tremendous amount of capital pursuing these opportunities.”
Century Town Center, a 106,976-square-foot community shopping center, traded for $14.78 million. HFF represented the seller, CRF Panther, an entity controlled by Lakeland-based Odyssey Diversified Properties. Cole Real Estate Investments purchased the asset.
Completed in 2008, the property is 93.3% occupied. Major tenants include HomeGoods, Marshalls, Petco, JoAnn's Fabrics and Olive Garden. The asset sits on 18.4 acres on State Road 60 close to I-95 and Federal Highway. Finkle says, “The continued growth of the Vero Beach market and the long-term commitment of the property's tenancy ensure the long-term success of Century Town Center.”
The Shoppes of Apollo Beach, a 107,615-square-foot Publix-anchored shopping center in Tampa, traded for $10.18 million in a joint venture between Bryanston Real Estate Opportunity Fund II and Lubert-Adler and led by Chicago-based Klaff Realty. HFF marketed the property on behalf of the seller, Paradise Shoppes at Apollo Beach, LLC, another entity Odyssey controls. The transaction was part of a court-ordered sale pursuant to Section 363 of the bankruptcy code and was offered free and clear of any debt or encumbrances.
Finally, St. Charles Plaza, a 65,000-square-foot, Publix-anchored shopping center in Haines City, FL, traded for $10.1 million. This transaction was also part of a court-ordered sale.
HFF represented the seller, Odyssey (III) DP XVII, LLC. Phillips Edison-ARC Shopping Center REIT, a public non-traded REIT sponsored by Phillips Edison & Co., purchased the property. Completed in 2007, St. Charles Plaza is 98.2% leased to tenants including Publix, Crispers and Verizon. The property sits on an 18.8-acre site about 30 miles southwest of Orlando.
“We see investors continuing to target primary markets within Florida and aggressively pursuing opportunities,” Castillo says. “Grocery-anchored centers are clearly in the highest demand, but we are seeing increased demand for community and power centers. As the local economy starts to show signs of improvement and retailers’ expansion plans within Florida begin to materialize, we expect to see more investors pursuing acquisitions ahead of the curve.”
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