St. Petersburg, Fla. — A joint venture between AEW Capital Management (AEW), Mack Real Estate Group (MREG) and Soundwater Properties (SWP) has acquired Disston Plaza, a 129,150-square-foot shopping center located in St. Petersburg. The sales price was $31.4 million, according to the Tampa Bay Business Journal. This transaction marks the second acquisition for the newly formed joint venture, which targets grocery-anchored retail centers in East Coast markets with purchase prices between $10 million and $50 million. Danny Finkle and Jorge Portela of JLL represented the seller. Publix anchors Disston Plaza, …
Florida
Orlando, Fla. — Colliers has negotiated the sale of the Shoppes at South Semoran, a 103,830-square-foot retail center located in Orlando, six miles directly north of the Orlando International Airport. Originally built in 1986, the property was renovated in 2013 with façade enhancements, as well as signage and parking lot improvements. Walmart Neighborhood Market anchors the property, which was 99 percent leased at the time of sale. Additional tenants include Dollar Tree, Wendy’s and Suncoast Credit Union. Brad Peterson and Whitaker Leonhardt of Colliers represented the seller, an affiliate of …
Bain Capital, 11North Partners Buy 10-Property Open-Air Retail Portfolio for $395 Million
Florida and South Carolina — A joint venture between Bain Capital and 11North Partners has purchased a portfolio of 10 open-air retail centers in Florida and South Carolina for $395 million. The properties — which are located across the submarkets of Fort Lauderdale, Orlando, Tampa, Palm Beach and Charleston — include Sawgrass Square, Plantation Promenade, Miramar Commons, Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca and Point Hope Commons. The acquisition spans more than 1 million square feet and follows the …
Fort Myers, Fla. — DLC has been selected to provide management services for Bell Tower Shops, a 365,000-square-foot open-air lifestyle center located in Fort Myers. Elmsford, New York-based DLC will lead the property’s leasing and day-to-day operations as part of its third-party management portfolio. The Fresh Market, Nordstrom Rack, Dave & Buster’s and Regal Cinemas anchor the property. Other tenants include Ulta Beauty, Sunglass Hut, Talbots, The Capital Grille, Tap 42, Daruma Japanese Steakhouse and McGregor’s Public House. The center was renovated in 2018 with improvements such as redesigned storefronts, …
Miramar, Fla. — Berger Commercial Realty has negotiated the $34 million sale of Miramar Parkway Plaza, a 159,628-square-foot retail center in Miramar near Hard Rock Stadium. Located at 3102-3300 University Drive, Presidente Supermarket anchors Miramar Parkway Plaza, which sits on roughly 14 acres. Additional tenants include McDonald’s, Foot Locker, AutoZone, Subway, Moby’s and Little Caesar’s. The center includes multiple outparcels and a second-story office component, as well as a recently constructed 10,000-square-foot retail component. Lawrence Oxenberg of Berger Commercial represented the buyer, LSG2 Miramar Parkway Plaza LLC, an affiliate of Longpoint …
CBL Properties Acquires Four Enclosed Malls from Washington Prime Group for $178.9 Million
Chattanooga, Tenn. — Chattanooga-based CBL Properties has acquired four enclosed regional malls from Washington Prime Group for $178.9 million. The properties include Ashland Town Center in Ashland, Kentucky; Mesa Mall in Grand Junction, Colorado; Paddock Mall in Ocala, Florida; and Southgate Mall in Missoula, Montana. CBL says it is focused on owning and managing successful enclosed malls in dynamic and growing middle markets. The deal suggests mall recovery extends beyond luxury properties, driven by limited retail construction since 2008, according to The Wall Street Journal. Ashland Town Center is a single-level …
CrownPoint Partners Arranges $4.5 Million Sale of Multi-Tenant Retail Center in Cape Coral, Florida
Cape Coral, Fla. — CrownPoint Partners has arranged the $4.5 million sale of Merchants Plaza, a 15,000-square-foot, multi-tenant neighborhood retail center in Cape Coral. Located at 155-159 Hancock Bridge Parkway, the center sits on 1.2 acres and was fully leased to seven tenants including Tires Plus, PI Pizza, Hancock Smoke Shop, Lee Nails, Floral Designs, Palm Tree Massage Spa and Cape Palace Arcade at the time of sale. According to CrownPoint Partners, the center was refurbished in 2023 with a new roof, upgraded HVAC systems, LED lighting, a new pylon …
MHCommercial Real Estate Fund Buys 90,000-Square-Foot Retail Center on Florida’s Space Coast for $9 Million
Merritt Island, Fla. — MHCommercial Real Estate Fund II, a private equity fund launched by South Florida-based commercial real estate services firm NAI Merin Hunter Codman, has purchased Merritt Crossing, a 90,000-square-foot shopping center on Florida’s Space Coast, for approximately $9.1 million. Situated across 15.3 acres on Merritt Island, the property was built in 1983 and renovated in 2002. DG Market and Planet Fitness anchor Merritt Crossing, which was 92.3 percent leased at the time of sale. Other tenants include The Health Bar, a hair studio, a daycare and multiple …
Regency Centers Obtains Five Southern California Shopping Centers Totaling 630,000 Square Feet for $357 Million
Jacksonville, Fla. — Jacksonville, Florida-based Regency Centers Corp. has obtained five shopping centers within the 23,000-acre master-planned community of Ranch Mission Viejo in Orange County, California, for $357 million. The properties, which comprise 630,000 square feet, include Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops and Sendero Marketplace. The portfolio is 97 percent leased to a mix of needs-based tenants such as grocers, restaurants, and health, wellness and personal service uses. The seller was Newport Beach, California-based Westar Associates. Regency funded the acquisition with a combination of operating partnership (OP) …
Palm Beach Gardens, Fla. — Palm Beach Gardens, Florida-based Ram Realty Advisors has purchased a 600,000-square-foot retail portfolio of seven grocery-anchored shopping centers across the Southeast for $200 million. The portfolio includes Mainstreet at Midtown in Palm Beach Gardens, Florida; Homestead Market and Bull City Market in Durham, North Carolina; Holly Springs Crossing in Holly Springs, North Carolina; Mainstreet Village in Hilton Head Island, South Carolina; The Market at Mills Park in Orlando, Florida; and Blys in Oakland Park, Florida. The portfolio, which was 98.7 percent occupied at the time of …