Good morning! This is Retail Center List.
→ We are here to serve the owners, brokers, capital providers, tenants, and vendors who specialize in neighborhood and essential retail. We are the #1 source for transaction news, industry data, and active property listings. All in a quick email, twice a week.
Do us a favor and forward this email to your favorite retail center pro. They can sign up here.
Now, let's get to it.
NEWS ROUNDUP
DISPOSITION: KPR Centers sells 174,037 SF Bolton Plaza in Orange Park, Florida. KPR Centers sold Bolton Plaza, a fully leased, 174,037 SF grocery-anchored power center in Orange Park, part of the Jacksonville metro area, to an undisclosed private investor. The sale price was not disclosed. The center is anchored by Aldi, Academy Sports + Outdoors, LA Fitness, and Marshalls. Built in 1988 and redeveloped in 2017, the property is located at 661 Blanding Blvd. Cushman & Wakefield’s Mark Gilbert, Adam Feinstein and Mitchell Halpern represented KPR Centers in the sale.
ACQUISITION: Mazaheri Properties, Champion Hotels buy 416,766 SF University Town Center in Norman for $82.25M. Mazaheri Properties and Champion Hotels acquired University Town Center, a 416,766 SF retail power center in Norman, Oklahoma, for $82.25 million, or approximately $197 per square foot, from The Rainier Companies. The 2009-built center was 99% occupied and is shadow-anchored by Oklahoma’s highest-grossing SuperTarget and Crest Foods. Major tenants include Academy Sports + Outdoors, Kohl’s, Ulta Beauty, TJ Maxx, HomeGoods, Michaels, DSW, Petco and Office Depot. David Disney of Disney Investment Group represented the seller, while Phillip Mazaheri of Price Edwards & Company represented the buyer. The buyer group includes Fred Mazaheri, Champ Patel, Shirish Patel and Phillip Mazaheri. Mazaheri Properties will operate and manage the property under UTC Partners LLC.
ACQUISITION: Publix buys 110,780 SF Daniels Crossing in Fort Myers. Publix Super Markets acquired Daniels Crossing, a 110,780 SF grocery-anchored neighborhood shopping center in Fort Myers, Florida, from a joint venture between Forge Capital Partners and The Sembler Company. The sale price was not disclosed. The center was 100% leased at the time of sale and is anchored by a newly redeveloped Publix supermarket. Other tenants include Quest Diagnostics, Hope Chest Hospice, Millennium Physicians Group, and The UPS Store. JLL Capital Markets’ Danny Finkle and Jorge Portela represented the seller.
ACQUISITION: Cushman & Wakefield negotiates sale of publix-anchored center in Metro Orlando. Washington, D.C.-based Graphite Real Estate acquired Shoppes of Sweetwater, a 64,253 SF, publix-anchored neighborhood shopping center in Longwood, approximately 15 miles north of Orlando. The seller was Shoppes of Sweetwater Inc., an entity associated with longtime owner Stephen Korshak. The center was 94% leased at closing and includes CVS Pharmacy, The Hummus Corner, Li’s Garden Chinese Restaurant, Aca-Pulquito Cocina Mexicana, Sassy Nails, State Farm Insurance, Duvall Dance Academy, Supercuts, Leslie’s Pool Supplies and Sweetwater Yoga & Fitness. The sale also included a McDonald’s-leased outparcel and an undeveloped 0.58-acre parcel. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller. John Crossman of CrossMarc Services handles leasing for the center.
ACQUISITION: Two Orlando-Area grocery-anchored centers trade, with Publix backfilling a Dark Box. Two Orlando-area shopping centers anchored by grocers have sold, according to GrowthSpotter. The buyer’s executive director, identified in the report as Feinstein, pointed to the value of “backfilling an empty grocery store with Publix” as the key move at one of the neighborhood centers.
ACQUISITION: Two St. Petersburg retail properties sell for $4.2M. Two adjacent retail properties at 900 and 944 Fourth Street North in St. Petersburg, Florida, sold for a combined $4.2 million. The properties total approximately 12,105 square feet. The 3,444 SF property at 900 Fourth Street North is occupied by Starbucks and Poshe Day Spa. The 8,661 SF property at 944 Fourth Street North includes Tijuana Flats and Sunshine City Pets. Fomack Realty Corporation was the seller and had owned both properties since 2004.
→ Try our resources for retail center pros: