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Kimco, ARC, RCG, Phillips Edison Make Retail Moves
TAMPA, FL—Shopping centers are selling left and right in Central Florida—and The Shopping Center Group (TSCG) just sold three in a row. The transactions total over $30 million, bringing the firm’s 2014 volume to $45 million with another $80 million in the pipeline.
All three sales closed in July. Orange Blossom Center in south Orlando sold for $16.25 million. Century Plaza in east Orlando traded for $10.3 million. Merchant Square in Zephyrhills, FL sold for $4.1 million.
“We continue to see a flurry of investment capital from private and institutional groups that are focused on retail centers throughout the Southeast,” says Anthony Blanco, director of investment sales at TSCG. “Continued improvements in the housing and employment sectors are enhancing occupancy rates and tenants sales leading to a steady appetite for retail properties. The offering of these centers demonstrated that there is a multitude of buyers for well-situated retail properties with sustainable cash flow streams and limited downside risk.”
The 161,000-square foot Orange Blossom Center is anchored by Save-A-Lot food stores, Planet Fitness, CitiTrends, and Walgreens. Walgreens was included in the transaction. Originally built in 1959 and renovated most recently in 2010, the retail asset is 100% leased.
Orange Blossom Center sits at the intersection of Orange Blossom Trail and Holden Avenue. It boasts an Interstate 4 interchange and Mall at Millenia, which claims the highest sales per square foot among the world’s malls, in its trade area. TSCG represented the seller, an affiliate of California-based PICOA, in the transaction. A private New York investor purchased the property.
Century Plaza is located at one of Orlando’s busiest intersections—Curry Ford Road and Semoran Boulevard—and most densely populated trade areas. The 135,000-square foot neighborhood center features Aldi, Ross Dress for Less, Big Lots, and recently added dd’s Discounts. Built in 1973, the retail center is 100% leased. TSCG represented the seller, Kimco Realty, in the sale of the asset to ARC Centers.
A newly-opened Hobby Lobby anchors Merchants Square, a 75,000-square foot neighborhood center at the core of the regional retail market that serves a wide trade area. Built in 1993, the property is also home to Hibbett Sports, Anytime Fitness, Bealls, and Tractor Supply. The Bealls and Tractor Supply were not included in transaction. It is 88% leased.
Merchants Square is located at the signalized, high-traffic intersection of Gall Boulevard and Pretty Pond Road in a suburban community of the Tampa Bay MSA. TSCG represented the seller,Phillips Edison & Company, in the retail asset sale to RCG Ventures. RCG’s Scott Tarbetfacilitated the transaction on behalf of the firm.