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INVERNESS, FL-Lamar Cos. of Morristown, NJ has entered the Central Florida retail investment arena with the $10.15-million purchase of Inverness Regional Shopping Center, a 204,070-sf, 90.6%-leased property in Citrus County, about 60 miles north of Downtown Tampa and 90 miles northwest of Downtown Orlando.

Lamar paid Fort Lauderdale-based Inverness Associates Ltd. $49.74 per sf for the 21-year-old, 19.9-acre property on the east side of US 41 and one-quarter mile north of State Road 44. Publix, Big Kmart and Beall's anchor the center.

Jim Michalak, senior director in the Tampa office of Cushman & Wakefield of Florida Inc., negotiated the sale for the seller. The buyer represented itself. Michalak tells GlobeSt.com the deal was done at this time because "the selling partnership decided to take advantage of the capital markets, low cap rates and the high-value environment." The broker says "the location attributes and dominant tenant mix of the asset were very compelling" to the buyer.

Publix and Kmart have operated at the 22-tenant center for over 20 years. The average asking gross rent for local space is $12 per sf.

The property was on the market for four months. "However, the sale was delayed 30 days bilaterally because the loan repayment penalty was reduced," Michalak tells GlobeSt.com. The deal took another four months to complete, from contract signing to closing.

Inverness has an estimated permanent population of 5,000 and an estimated population of 25,000 within a five-mile radius of its boundaries, according to city officials. The city, incorporated in 1919 with development roots going back to 1880, is largely known for its agricultural products and recreational amenities in a rural Central Florida setting.

"Inverness Regional has successfully met the test of time and continues to thrive," Michalak says. He has closed 11 anchored shopping center sales this year.

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