Panama City, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.1 million sale of Bay City Point, a 121,413-square-foot shopping center located in Panama City. Tenants at the property include Hobby Lobby, Burlington, Five Below, Sketchers and Ulta Beauty. Zach Taylor of IPA represented the seller, Ledbetter Properties, in the transaction.
Kissimmee, Fla. — Concord Summit Capital has arranged a $42 million bridge loan for the financing of The Promenade at Sunset Walk—Margaritaville Resort, a retail center located in Kissimmee, roughly 22 miles outside Orlando. The 14-building property comprises 192,659 square feet and is situated within the 325-acre master-planned community of Sunset Walk. Kevin O’Grady and Justin Neelis of Concord Summit secured the financing through BridgeInvest on behalf of the borrower, Encore Capital Management. The property’s inline space was fully leased at the time of financing, with one vacant pad space available. …
Naples, Fla. — Barron Collier is underway on the construction of a 21,000-square-foot retail center in Naples. Situated within the developer’s Ave Maria master-planned community, the development is scheduled for completion next summer. Tenants at the property will include NCH Immediate Care Center, Sunshine Ace Hardware, Dunkin’ Donuts, LEDO Pizza and Cold Stone Creamery.
Boca Raton, Fla. — Cushman & Wakefield has arranged the sale of Shadowwood Square, a 237,498-square-foot shopping center located in Boca Raton. Constructed in 1982, the property is anchored by Sprouts Farmers Market, Walgreens and Old Navy. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an entity controlled by Evelyn Langlieb Greer doing business as Shadowwood Square Ltd. An affiliate of Edens acquired the property.
Port St. Lucie, Fla. — PEBB Enterprises and Banyan Development have started construction on the Shoppes @ the Heart of Tradition, a 71,000-square-foot retail project situated within the master-planned Tradition community in Port St. Lucie. A 19,231-square-foot Aldi will anchor the development, which is scheduled for completion next summer, when tenant buildouts will begin. Other tenants will include Kyle G’s Amore Chop House, Port Tradition, Tomalty Dental, Le Bistro de Paris, Picasso Nails and Rita’s Ice.
Miami — Marcus & Millichap has brokered the $6.9 million sale of a single-tenant property located in Miami. Walgreens occupies the building on a net-lease basis. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the undisclosed buyer in the transaction.
Batavia, Ill. and Jacksonville, Fla. — German discount grocer Aldi has entered into a definitive agreement to acquire Winn-Dixie and Harveys Supermarket as part of a larger divestiture of Jacksonville-based parent company Southeastern Grocers to various entities. Financial terms of the transaction were not disclosed. The Southeast-focused acquisition includes approximately 400 Winn-Dixie and Harveys locations across Alabama, Florida, Georgia, Louisiana and Mississippi. Aldi, which maintains its U.S. headquarters in Batavia, Illinois, first established its presence in the Southeast in the mid-1990s and has since invested $2.5 billion in the region. Most …
Arizona and Florida —SRS Real Estate Partners has arranged the $94 million sale of seven single-tenant EoS Fitness properties in Arizona and Florida. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller, Barclay Group, in the transaction. A publicly traded REIT acquired the properties. Tyler McRae of SRS, along with Echelon Realty Advisors, was responsible for leasing the assets on behalf of EoS Fitness. The portfolio includes two properties in Mesa, Arizona, comprising 57,803 and 51,716 square feet, as well as properties in Tempe, Scottsdale and Queens Creek, …
Navarre, Fla. — CBRE has arranged a $12.9 million loan for the refinancing of Wynnehaven Plaza, a 64,995-square-foot shopping center located in Navarre. A 48,387-square-foot Publix grocery store anchors the center, which was completed earlier this year. Seven other tenants occupy the fully leased property, including a coffee shop, primary care clinic, ice cream parlor and a nail salon. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE secured the financing on behalf of the borrower, Atlanta-based Branch Properties, through 40|86 Mortgage Capital.
Orlando, Fla. — Tavistock Development has announced plans for Lake Nona West, a 405,000-square-foot shopping center to be located in the Lake Nona master-planned community in Orlando. Upon completion, the development will be situated on a 54-acre parcel and feature open-air shops, ground-level parking, outdoor entertainment spaces and public art. Tavistock has submitted site plans to the City of Orlando, and construction is scheduled to begin in 2024, with completion planned for fall 2025. Tenant announcements are expected this winter.
