Bradenton and Cocoa Beach, Fla. – The properties were marketed on behalf of Retail Properties of America Inc., and were purchased by Branch Properties LLC.
Bradenton and Cocoa Beach, Florida – HFF has closed the $24.45 million sale of and $10.125 million financing for Beachway Plaza in Bradenton, Fla., and Cornerstone Plaza in Cocoa Beach, Fla., two retail centers anchored by Publix grocery stores and totaling 189,567 square feet. The properties were marketed on behalf of Retail Properties of America Inc., and were purchased by Branch Properties LLC for $24.45 million. In addition, HFF arranged five-year acquisition financing on behalf of the buyer for Beachway Plaza through Guggenheim Commercial Real Estate Finance LLC. Built in 2004, the 120,990-square-foot Beachway Plaza is 84.8 percent leased to tenants that include Publix, Bealls Outlet and Staples. The 68,577-square-foot Cornerstone Plaza is situated on 8.33 acres and is 86 percent leased to tenants that include Publix, Cocoa Beach Realty and Beef ‘O’ Brady’s.
— Scott Reid