VERO BEACH, FL-Cole Real Estate Investments just acquired three shopping centers in Florida worth a collective $48.5 million. Nature Coast Commons in Spring Hill sold for $29 million, Century Town Center in Vero Beach sold for $14.8 million and part of Riverside Centre in St. Augustine traded for $4.7 million.
“Secondary markets within Florida continue to provide opportunities to acquire high-quality, multi-tenant centers that serve as primary retail destinations within their respective trade areas,” says Scott Holmes, vice president of multi-tenant acquisitions for Cole. “With nationally recognized, creditworthy tenants and limited competition in the area, these assets fit the investment criteria for our expanding, diversified portfolio of retail assets.”
Nature Coast Commons, a 226,000-square-foot community shopping center constructed in 2009, is in the Tampa/St. Petersburg-Clearwater regional MSA. Specifically, the property is located along US 19, the area’s primary north-south thoroughfare and main retail corridor. Major tenants include Sports Authority, Best Buy, Ross Dress for Less, Office Depot and PetSmart.
Century Town Center is a 107,000-square-foot shopping center constructed in 2008 and is 93% occupied. The center is located at the intersection of SR-60 and Kings Highway, the epicenter of the Vero Beach retail market. It is the only major power center intersection in the area. Major tenants include Marshalls/HomeGoods, PETCO, Jo-Ann Fabrics and Olive Garden. Thomas Falatko represented Cole. HFF managing directors Danny Finkle, Brad Peterson and Luis Castillo of HFF represented the seller.
Riverside Centre is located at the intersection of heavily traveled thoroughfares US Highway 1 and SR-312. Cole’s acquisition consists of a 57,000 square-foot Hobby Lobby and a 5,000-square-foot Color Wheel paint store. Falatko represented Cole. Petersen represented the seller.
“Fueled by their continued ability to raise substantial equity from private investors, Cole has been a very active buyer of retail properties throughout the country and the southeastern region,” Anthony Blanco, managing director at Plaza Advisors, tells GlobeSt.com. “Some of these deals were not typical from a marketing process standpoint but Cole beat out a number of other groups. With alternative investments still yielding very low returns, I expect them to continue to raise equity and be a very active acquirer of retail assets over the next few years.”
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