May 27, 2015
GlobeSt.com – Miami, FL
By: Jennifer LeClaire
MIAMI—Grocery-anchored shopping centers are in high demand across Florida, with the demand outstripping the supply. Against that backdrop, a portfolio of two Winn-Dixie shopping centers just traded for a premium.
HFF represented Mount Kellett Capital Management and Morning Calm Management, on the retail disposition. The properties, Promenades in Port Charlotte, FL and Highlands Plaza in Lakeland, FL span 333,276 square feet are 87.3% occupied.
“We continue to see significantly more capital flowing into secondary markets and great interest from investors for strong retail assets like Promenades and Highlands,” Luis Castillo, HFF managing director, tells GlobeSt.com. He closed the sale with senior managing director Daniel Finkle and associate director Nat Scarmazzi.
Promenades is a 230,704-square-foot mixed-use center with two available outparcels for future development. Developed in 2009, the retail center is home to Winn Dixie, Bealls Outlet, Tuesday Morning, and YouFit Health Club, in addition to medical office tenant Fawcett Memorial and the Charlotte County Sheriff’s Office. Promenades sits on 26.4 acres at 3280 Tamiami Trail at the entrance to the Medical Arts District in Port Charlotte, a waterfront community on the Gulf of Mexico’s Charlotte Harbor.
The 102,572-square-foot Highlands Plaza sits on 15.68 acres and offers 461 parking spaces. The retail center has two available outparcels for future development.
Beyond the Winn-Dixie anchor, the retail center’s tenants include Florida Speech and Wellness Center, Fantastic Sam’s, Highlands MRI, and Music Go Round. Highlands Plaza is located at 2900 Lakeland Highlands Road one mile off Polk Parkway in Lakeland, a Central Florida community about 35 miles east of Tampa. The retail center serves a trade area of almost 60,000 residents within three miles.
“The opportunity to acquire high-performing and well-established grocery-anchored centers is becoming increasingly rare in Florida,” says Castillo. “Given the high-growth nature of these markets and meaningful value creation potential for the individual properties, this portfolio garnered significant interest from investors.”
http://www.globest.com/news/12_1119/miami/retail/These-Retail-Transactions-Increasingly-Rare-in-Florida-358314-1.html?ET=globest:e46527:323335a:&st=email&s=&cmp=gst:Retail_20150527:editorial
These Retail Transactions ‘Increasingly Rare’ in Florida 05 27 15