Orlando, Fla. — Plaza Advisors has arranged the sale of Orlando Square, a 183,877-square-foot shopping center located in Orlando. The property was 85 percent leased at the time of sale to tenants including Ross Dress for Less, Office Depot, Ollie’s Bargain Outlet, Central Rock Gym, Chipotle Mexican Grill, Firehouse Subs, Bright Now Dental, Chick-fil-A and Chase Bank. Core Investment Management purchased the center for an undisclosed price. Plaza Advisors represented the seller, an entity doing business as AGRE Orlando Square LLC.
Florida
Pace, Fla. — JRW Realty has arranged the $9.9 million sale of a Daybreak Market and Fuel located in Pace. The property totals 8,643 square feet. Leanna Tatikian of JRW represented the undisclosed buyer in the transaction. Justin Zahn of Commercial Investment Advisors represented the undisclosed seller in affiliation with Bang Realty-Naples Inc.
Brandon, Fla. — Unibail-Rodamco-Westfield (URW) has sold Westfield Brandon, a regional shopping mall located roughly 13 miles outside Tampa in Brandon, for $220 million. The property, which totals 1.2 million square feet, was approximately 85 percent leased at the time of sale. Dick’s Sporting Goods and a space formerly occupied by Sears anchor the property. The sale also included a three-acre parcel approved for 180,000 square feet of commercial space as well as a seven-acre development parcel. North American Development Group purchased the center through a joint venture with an institutional …
Sunrise, Fla. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June.
Orlando, Fla. — Marcus & Millichap has arranged the $7.2 million sale of a single-tenant property located in Orlando. CVS/pharmacy occupies the 13,616-square-foot building on a net-lease basis. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap represented the undisclosed seller in the transaction.
Sarasota, Fla. — Sprouts Farmers Market has signed a 23,000-square-foot retail lease at Aster & Links, a mixed-use development underway in downtown Sarasota. Belpointe PREP LLC is the developer. Leasing at the property, which include 424 residential units, is expected to begin in the first half of 2024.
Hialeah, Fla. — Codina Partners has acquired a 15-acre parcel formerly occupied by Sears at Westland Mall in Hialeah for an undisclosed price. The site has been vacant since February 2020. The locally based buyer has formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial acquired Westland Mall from Starwood Capital in 2021. The shopping center comprises more than 300,000 square feet of retail space that is anchored by Macy’s, JC Penney and the former Sears site.
St. Augustine, Fla. — Bass Pro Shops has announced that it will open an Outdoor World store in St. Augustine, approximately 40 miles southeast of Jacksonville. Upon completion, the store will comprise 100,000 square feet and offer boating merchandise in addition to other outdoor gear and apparel. The opening is scheduled for 2024. This will mark the thirteenth location for Bass Pro Shops in Florida.
Greenwich, Conn. and Jacksonville, Fla. — Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in an all-stock transaction valued at $1.4 billion. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Under the terms of the agreement, Urstadt Biddle’s stockholders will …
Viera, Fla. — WS Development and PGIM Real Estate have acquired The Avenue Viera, a 550,000-square-foot open-air retail center in Viera. Situated within the 43,000-acre master-planned Viera community, the property features more than 80 retail, restaurant and entertainment tenants. WS Development will assume management of the center.