Colliers International closes sale of Publix-anchored retail center in Palm Harbor
PALM HARBOR, Fla. (October 9, 2013) – Colliers International Tampa Bay has closed the sale of Crystal Beach Plaza, a Publix-anchored retail center in Palm Harbor, for $12.1 million.
The 59,015-square-foot center, located at the intersection of Alternate US Highway 19 and Alderman Road, has an occupancy rate of 82.9% percent with tenants including Great Clips, Gulf Coast Nutrition Center and Quality Plus Cleaners.
Mike Milano, CCIM, MAI, Managing Director of Retail Investment Services and Ron Schultz, Director of Retail Investment Services of Colliers International Tampa Bay, represented the seller, Crystal Beach Plaza Investors, LLC.
“Publix-anchored centers are by far the most active and sought after retail investment today,” Schultz said. “Demand for quality retail properties is being fueled by an abundance of capital in the market seeking to purchase quality shopping centers.”
Phillips Edison-ARC Shopping Center REIT Inc. (Phillips Edison-ARC), a public non-traded real estate investment trust (REIT) that invests in retail real estate properties, purchased the property. Sponsored by Phillips Edison & Company and American Realty Capital, Phillips Edison-ARC is primarily focused on necessity-anchored neighborhood and community shopping centers that meet the day-to-day needs of residents in the surrounding trade areas.
“Crystal Beach Plaza offered the buyer the best of both worlds,” said Milano. “The center provided Phillips Edison with a strong performing Publix while leaving enough upside for near-term increase in value.”
The property, which is on a 5.95-acre site, is located at 2900 Alternate US Highway 19 in Palm Harbor.
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