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The Deal Sheet – Real Estate Bisnow
Investors crave Florida retail, especially assets they can reposition, says Shopping Center Group investment sales director Anthony Blanco. That’s because new development has been slow to break ground. (In the North, they can say the ground is frozen—what’s our regionally accurate excuse?)
Anthony, based in Miami, recently repped Weingarten Realty as it sold 112k SF Lake Washington Square in Melbourne and the 20k SF St. Lucie Square in Port St. Lucie. Lake Washington Square was built in 1982 andrenovated last year to accommodate a new LA Fitness, along with Tuesday Morning and Dollar General. The property, Anthony says, is one of many former grocery-anchored centers in the state to be re-tenanted. (Hopefully they left some pints of ice cream behind.) Fort Lauderdale-based SunCap Fund purchased it for an undisclosed sum. In the Port St. Lucie deal, Westwood Financial sold St. Lucie Square to a private investor repped by the Allen Morris Co for $3.7M.
Original article appeared here.