Central Florida Suburbs See Big CRE Mo

“This deal was highly sought after by various capital market participants including private and institutional buyers.”

ORLANDO—Bayshore Gardens, a 162,996-square-foot shopping center in the Tampa suburb of Bradenton, FL, just traded hands. The sale price: $21 million. Jim Michalak , Mike Cvetetic , and Keith Nurre of Plaza Advisors represented the seller, Kimco Realty, in the transaction. Publix Super Markets acquired the asset. TJ Maxx, Anytime Fitness, and a shadow Target. “This deal was highly sought after by various capital market participants including private and institutional buyers,” Michalak tells GlobeSt.com. “The offering was a quintessential true ‘value-add’ opportunity and fits the mold for what many retail investors are looking for in this environment- grocery-anchored, realizable value-add, captive trade area and good fundamental real estate. We received a large amount of offers into double digits. Publix was the logical buyer for several confidential reasons.” Central Florida’s suburbs have seen some interesting deals in the past year, including a record cap rate sale of a Wells Fargo branch. Net lease specialist Calkain Companies settled on the $1.245 sale of a single-tenant Wells Fargo Bank ground lease in Bradenton, FL. Meanwhile, Plant City industrial is heating up . Plant City is geographically located in the middle of the west coast of Florida, about 25 miles east of Tampa, immediately west of Lakeland, and 70 miles west of Orlando, according to the city’s website. “Attention on the I-4 corridor is bringing attention to local communities,” Kostas Stoilas , a senior associate at CBRE Industrial & Logistics in Tampa, tells GlobeSt.com. “Plant City is full of business success stories and future development potential, including large-scale residential developments, which spark economic development. Economists at the University of South Florida project that, upon completion, Lakeside Station may create over 18,000 new jobs and an annual spending increase of $2.3 billion. The site is also within 200 miles of 18.4 million potential customers.” RADCO Companies just snapped up Park at Sutton Place in the affluent Orlando suburb of Winter Park, FL. This marks the firm’s fourth acquisition of 2016 and its first in the Greater Orlando multifamily market. “Record levels of tourism activity, along with several corporate expansions, have supported the booming Orlando economy,” Norman Radow , CEO of RADCO, tells GlobeSt.com. “Winter Park, located in the Northeastern quadrant of the metro, is one of the most desirable and in-demand infill submarkets in all of Central Florida.” Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE.Learn more.