Miami, Fla. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has acquired a 27-property Walgreens portfolio for $133 million. Wells Fargo provided financing for the acquisition, which was led by Kevin Sanz of Orion. Brian Pfohl and Maury Vanden Eykel of CBRE Inc. represented the seller in the transaction. Further details on the Walgreens properties were not disclosed.
Florida
Estero, Fla. — JLL Capital Markets has brokered the $14.4 million sale of a 29,896-square-foot single-tenant grocery store in Estero leased to Sprouts Farmers Market. Michael Brewster, Brad Peterson and Tommy Isola of JLL represented the seller, GBT Realty, in the transaction. An undisclosed private investor purchased the property. The Sprouts store is located at 19990 S. Tamiami Trail in metro Fort Myers.
Lakeland, Fla. — Transwestern Real Estate Services has brokered the sale of Lakeland Town Center, a 282,949-square-foot shopping center at 917 E. Memorial Blvd. in Lakeland. John Bell and Fred Victor of Transwestern arranged the $10.5 million sale of the property to a private equity firm on behalf of the undisclosed seller. The 26.2-acre retail center was 53 percent leased at the time of sale. National and local retailers encompassing grocery, government, finance, home furnishings, restaurants and discount stores make up the tenant roster.
St. Petersburg, Fla. — Franklin Street has arranged the $5.1 million sale of Central Plaza, a 19,016-square-foot, fully occupied shopping center located at 3270 Central Ave. in St. Petersburg. The property falls within a Qualified Opportunity Zone. Anthony Suarez and Ryan Derriman of Franklin Street represented the seller, a California-based private investor, in the transaction. The undisclosed buyer is a local investor. The plaza features seven net-leased tenants with an average tenure of over 22 years. Tenants at the center include Rent-A-Center, Amscot and Rainbow Clothing.
PEBB Enterprises, Topvalco Acquire Delray Commons Shopping Center in South Florida for $10.5 Million
Delray Beach, Fla. — PEBB Enterprises has acquired Delray Commons, a 71,000-square-foot shopping center located at 5024-5070 W. Atlantic Ave. in Delray Beach. Boca Raton, Fla.-based PEBB formed a joint venture dubbed KP Delray LLC with the center’s current owner, Cincinnati-based Topvalco Inc., for the acquisition. The sales price was $10.5 million. Built in 1981, Delray Commons has 65,940 square feet of inline retail space, a 3,036-square-foot Burger King outparcel and an approximately 2,000-square-foot Taco Bell outparcel. Sprouts Farmers Market has committed to anchor the center with a 23,256-square-foot store. …
Black Lion Investment Group Acquires Amara at Paraiso Restaurant Property in Miami for $12.1 Million
Miami — Black Lion Investment Group has acquired a waterfront restaurant building in Miami occupied by Amara at Paraiso from Related Group for $12.1 million. Fabio Faerman and Sebastian Faerman of Miami-based FA Commercial represented both parties in the transaction. The 12,300-square-foot building is part of a larger project that includes the residential complex Paraiso Bay, which contains 1,300 residential units. James Beard Award-winning chef Michael Schwartz is at the helm of the popular indoor-outdoor restaurant.
Orlando, Fla. — 6500 4R3G LLC has purchased a CVS/pharmacy in Orlando for $6.9 million. The property is approximately 13,000 square feet and is located at 7300 Curry Ford Road. David Stevens of Investment Properties Corp. negotiated the disposition on behalf of the seller, Arcostar LLC. Alexandros Pappas of Haute CRE LLC represented the buyer in the transaction.
Orlando, Fla. — InvenTrust Properties Corp. has unveiled plans to redevelop Suncrest Village, a 93,358-square-foot shopping center located at 10021-10115 University Blvd. in Orlando. Planned improvements to the center include replacement of the existing anchor building occupied by Publix with a larger prototype store to be constructed in the same location. Small-shop tenant facades at Suncrest Village will receive new paint, lighting, replacement of the mission tile roof, a new sign band on portions of the canopy, improved landscaping and green trellis areas with accent lighting. InvenTrust plans to employ …
Jacksonville, Fla. — NAI Hallmark has brokered the sale of a 14,290-square-foot shopping center located at 11645 Beach Boulevard in Jacksonville. Austin Kay and Eric Yi represented the seller, Mark’s Investment Properties LLC, in the off-market transaction. The buyer, Mr. Implant LLC, was represented by Jason Price with Crown Tenant Advisors out of Roswell, Georgia. The property was sold for $1.5 million. The shopping center includes two buildings and is located at the intersection of Beach and Beachwood Boulevards, less than a mile east of the Interstate 295 East Beltway.
Miami Beach, Fla. — ALTO Real Estate Funds has purchased a 7,142-square-foot retail property located in Miami Beach for $18.9 million. The property is situated along Lincoln Road, Miami Beach’s high street retail corridor. The seller was Gombinski Properties, who bought the property in 1985. Ran Ziv and Sean Shahar Ziv of GLT Group Brokerage represented the seller and the buyer. The property comprises two suites located at 900 and 904 Lincoln Road, at the corner of Jefferson Avenue. The corner building underwent a complete renovation in 2016 and now …