CBRE has arranged the sale of Crystal River Plaza, a 184,101-square-foot community shopping center in Crystal River, Florida. An affiliate of Atlanta-based Vanguard Associates, Inc., purchased the property for $10.5 million in July. Located at 420 North Suncoast Boulevard (US Highway 19) in Crystal River, north of Tampa, Crystal River Plaza includes retailers such as Bealls, Bealls Outlet, Goodwill, and Dollar General. Mark Shellabarger and Casey Rosen of CBRE represented the seller, an affiliate of Morning Calm Management, in the transaction. Ray Turchi and Connor O’Neill of Marcus & Millichap’s Orlando office represented the buyer.
“Crystal River Plaza is the dominant, discount-oriented shopping center serving the Crystal River and Homosassa Springs markets,” said Mark Shellabarger, senior vice president, CBRE. “The buyer was attracted to the center because of its strong anchor tenants, which are the same as the anchor tenants Vanguard has in other shopping centers they own in comparable markets in the Southeast. Additionally, Crystal River Plaza has over 20,000 square feet of vacant space and the buyer is adept at leasing space like this and increasing the income.”
Built in 1986, Crystal River Plaza was 89 percent leased at the time of sale. In addition to the listed major retailers, Crystal River Plaza is home to tenant Sibex Electronics, a major employer in Citrus County. The center is also located next to The Home Depot, BB&T Bank, Arby’s, Applebee’s, Chili’s, and a free-standing Mattress Firm store.