North Port, FL – December 20, 2012 – CBRE arranged the sale of Heron Creek Towne Center, a 64,664-square-foot, Publix-anchored neighborhood shopping center, to Phillips Edison-ARC Shopping Center REIT Inc. for $8,650,000. Located at 1289 South Sumter Boulevard, the center is 90% leased to 11 tenants, including Subway, The UPS Store, and Sparkle Brite Pool Stores.
“Phillips Edison was attracted to the center because of the Publix grocery store anchor, stable history of the small shop tenants, and convenient, central location in North Port. Furthermore, Publix had recently completed an internal store renovation,” said Mark Shellabarger, a Senior Vice President with CBRE.
Shellabarger, based in Tampa, FL, was joined by Senior Vice President Cliff Taylor of the Jacksonville office in providing representation to the seller, a private investment group based in Tennessee.
Built in 2001, Heron Creek is positioned at the southwest corner of two primary roadways in North Port, Sumter Boulevard and Price Boulevard.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.