Class B REO Retail Strip Center Trades for $1M

VERO BEACH, FL—Beyond the grocery-anchored shopping centers trading in top tier markets, Florida is beginning to see some activity in second tier class B assets. Vero Beach Corners, a retail strip center in the Indian River Mall submarket, traded for $1.35 million, or about $105 per square foot, on a market rate deal.

Situated at the “main and main” intersection of State Road 60 and Kings Highway, Vero Beach Corners Retail Center, LLC acquired the REO shopping center from ORIX Capital Markets. CBRE vice president William Strauss, along with first vice president Dave Donnellan and senior associate Todd Weintraub, represented ORIX Capital Markets in the transaction.