Orlando, FL – June 13, 2013 – CBRE closed a complex transaction on behalf of Century Retail affiliates involving the sale of three retail properties to Baltimore-based America’s Realty for $12.1 million. The seller, three separate entities related to Lakeland-based Century Retail, hired CBRE to market the shopping center portfolio of Avon Square, Palm Center, and Wabash Shopping Center, all in Central Florida.
The buyer, attracted by the upside leasing potential and the low price-per-square-foot values, acquired the shopping centers as part of an aggressive expansion of their retail holdings in Florida.
“The overall retail investment market activity has significantly improved over the past three years,” said CBRE First Vice President Daniel Baker, who is based in the Orlando office and specializes in shopping center investment sales. “As competition for so-called ‘trophy’ assets has increased, value-oriented buyers are more willing to seek out attractive properties in smaller markets, some with secondary anchors, in order to generate better returns.”
The properties included in the sale are: Avon Square, an 112,000-square-foot neighborhood center located on US Highway 27 in Avon Park; Palm Center, a 132,000-square-foot shopping center on South Florida Avenue in Lakeland; and Wabash Shopping Center, a 70,000-square-foot retail center on George Jenkins Blvd, also located in Lakeland. The retail portfolio has a combined net rentable area of 314,107 square feet.
Daniel Baker was joined by Senior Vice President Mark Shellabarger of CBRE’s Tampa Private Capital Group in providing representation for the seller.
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 and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 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.