West Palm Beach, Fla. — CBRE has arranged the sale of a 45,000-square-foot store at 1880 Palm Beach Lakes Boulevard in West Palm Beach. Best Buy has operated at this location for 25 years. Will Pike, Chris Bosworth and Brian Pfohl of CBRE’s Atlanta office, along with Dennis Carson and Casey Rosen of CBRE’s National Retail Partners Florida Team, represented the seller, which was advised by Orion Investments. The buyer was RK Centers, an owner of retail properties in both South Florida and Massachusetts.
Limestone Asset Management Acquires Two Outparcels Near Orlando’s Mall at Millenia for $10.4 Million
Orlando, Fla. — Miami-based Limestone Asset Management has acquired two outparcel buildings totaling 14,075 square feet near Orlando’s Mall at Millenia for $10.4 million. Acquisitions include a 5,530-square-foot AT&T store located at 4006 Conroy Road; and a two-tenant outparcel featuring a 5,045-square-foot Panera Bread and a 3,500-square-foot Shake Shack at 4060 Conroy Road. The Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. Kevin Sanz …
Plantation and Hialeah, Fla. — Azor Advisory Services has arranged two anchor-tenant leases at shopping centers located outside Miami in Plantation and Hialeah. Fitness System will open in a 21,429-square-foot space formerly occupied by Michaels at Plantation Crossing shopping center on July 1. Helene Unschuld of Century 21 Tenace Realty represented the tenant in the transaction. Azor also represented the owner of a Hialeah shopping center in leasing a 22,000-square-foot outparcel to dd’s Discounts. Craig Fetherston and Jim Petrarca of the Shopping Center Group represented the tenant in the transaction. …
Delray Beach, Fla. — Menin is set to open Delray Beach Market, a 150,000-square-foot food hall and retail center located in Delray Beach. The property will feature over 25 local and regional eateries, a rotating roster of pop-up vendors, bars, outdoor seating and a show kitchen. Delray Beach Market will also offer dining and creative food incubators, a beverage program, food trucks, art exhibitions and programming including live music shows, culinary classes and curated events. Restaurants on the ground floor will include Sorella’s, an artisanal pasta house by chef Jimmy …
St. Petersburg, Fla. — InvenTrust Properties Corp. will redevelop Gateway Market Center, a 231,058-square-foot shopping center in the Tampa Bay area anchored by Target and Publix. The property is located at 7751-8229 9th St. N in St. Petersburg. Construction is scheduled to begin in the first quarter of 2022 with the renovation taking approximately 18 months to complete. InvenTrust’s improvements to Gateway Market Center will include the demolition of approximately 60,000 square feet of existing building area and the construction of several new buildings. Two new anchor-sized buildings will be …
St. Petersburg, Fla. — Limestone Asset Management, via a joint venture with its parent company Orion Real Estate Group, has sold a 23,031-square-foot retail and office center in the Tampa Bay area for $5.3 million. Located at 1914 4th St. N in St. Petersburg, the property was 100 percent leased at the time of sale to six tenants, including Outback Steakhouse and Panera Bread. Ben Mallah of Equity Management Partners Inc. purchased the property in a 1031 exchange. Mark Shellabarger and Ari Ravi of CBRE represented Limestone and Orion, both …
Tampa, Fla. — Two new retail tenants have opened at Westshore Marina District in Tampa. The construction of the retail portion of the 52-acre mixed-use development is currently being completed. The two new tenants are Cru Cellars and Sand Surf Co. Cru Cellars, which signed a lease in August 2019, and Sand Surf Co., which signed a lease in September 2019, are the first of several retailers that will open their doors at Marina Landings, Westshore Marina District’s 70,000-square-foot town center. Fort Lauderdale-based BTI Partners is the developer of Westshore …
Cape Coral, Fla. — SRS’ Investment Properties Group has brokered the sale of Shops at Surfside Center, a five-tenant retail center located in Cape Coral. The 117,566-square-foot center is fully occupied by tenants including Belk, Anytime Fitness, SalonPlex and Humana. The seller, a private service entity, sold the property for $7 million to Patagonian Holdings LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.
Bonita Springs, Fla. — Cushman & Wakefield has arranged the sale of the Center of Bonita Springs, a 281,394-square-foot shopping center located in Bonita Springs. Adam Feinstein, Mitchell Halpern and Mark Gilbert of Cushman & Wakefield represented the undisclosed sellers in the transaction. Publix anchors the center, which is 90 percent leased to tenants including Beall’s Outlet/Home Centric, Old Time Pottery, Naples Community Hospital and Crunch Fitness. The buyer and terms of the transaction were undisclosed.
Dania Beach, Fla. — Aztec Group Inc. has arranged a $7.6 million loan for the refinancing of Stirling Square, a 25,515-square-foot shopping center located in Dania Beach. Located at 700 Stirling Road, the property is ground-leased to a 22,000-square-foot Aldi and a 3,515-square-foot 7-Eleven. Howard Taft and Joel Zusman of Aztec Group originated the financing through an unnamed life insurance company based in Idaho on behalf of the borrower, an affiliate of Salzman Real Estate Advisors. The 15-year loan featured a fixed interest rate below 3.8 percent and was structured …