TAMPA, FL—Retail Properties of America (RPAI) just sold off two Florida Publix-anchored shopping centers. Branch Properties grabbed the assets for $24.45 million.
Beachway Plaza in Bradenton, FL sold for $24.45 million. Cornerstone Plaza in Cocoa Beach, FL sold for $10.125 million. HFF senior managing director Danny Finkle and managing director Luis Castillo led the team represented the seller.
“The opportunity to acquire two high-volume, Publix-anchored centers with value creation potential proved to be extremely appealing to investors,” Castillo tells GlobeSt.com. “The response to this offering was tremendous and resulted in a great outcome for RPAI.”
Beachway Plaza is located at the intersection of Manatee Avenue West and 75th Street West in Bradenton with a daily traffic count of more than 29,000 cars. Built in 2004, the 120,990-square-foot center is 84.8% leased to tenants including Publix, Bealls Outlet, and Staples.
Renovated most recently in 2004, Cornerstone is located at the intersection of
North Atlantic Avenue and South Shepard Drive in Cocoa Beach. The 68,577-square-foot property sits on 8.33 acres and is 86% leased to tenants including Publix, Cocoa Beach Realty, and Beef ‘O’ Brady’s.
HFF arranged five-year acquisition financing on behalf of the buyer for Beachway through Guggenheim Commercial Real Estate Finance. HFF director Chip Sykes led the debt placement team for the buyer.