In exchange, Lakeworth-Colony acquired a retail plaza with an average occupancy of 97% and anchored by a Publix supermarket and an Eckerd Drug store. Asking rents average about $13.50 per sf.
Lennar retained Cushman & Wakefield of Florida Inc. to negotiate the sale, with Mark Gilbert, senior director of financial services, and Adam Feinstein, director of financial services, managing negotiations.
"The company purchased this center about six years ago when it was less than 60% leased and added tremendous value by leasing the vacant spaces and investing in the physical plant to make it new again," Gilbert says.
Gilbert and Feinstein have posted $270 million in aggregate sales volume over the past 12 months, including 10 other retail centers in Florida.
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