(For more retail coverage, click GlobeSt.com/RETAIL.)

ORLANDO-In what is believed to be the second-highest per-sf-price paid for a neighborhood shopping center here this year, New York-based Teachers Insurance and Annuity Association paid $42.96 million, or $333 per sf, for the 129,010-sf Plaza Venezia. The four-year-old center is at the southeast corner of Sand Lake Road and Dr. Phillips Boulevard in south Orlando.

A 51,420-sf Publix supermarket anchors Plaza Venezia. Blackrock Retail Property Advisors of Miami represented the seller.

In July, TIAA paid an affiliate of Glenview, IL-based Illinois Tool Works Inc. $57 million, or $387.19 per sf, for the 17-year-old, 147,214-sf Crossroads at Lake Buena Vista, directly across from the entrance to Walt Disney world at State Road 535 and Interstate 4, as GlobeSt.com previously reported.

The two retail acquisitions increase TIAA's commercial real estate presence in Central Florida. In February 2004, the company paid Prudential Real Estate Investors $32.75 million, or $148.47 per sf, for the 14-year-old, 220,579-sf 4200 Cypress office building in the affluent Westshore submarket in Tampa, FL, as GlobeSt.com also previously reported.

Instant Insights /

TIAA Pays Premium $333 Per SF in $42M Shopping Center Buy

Related Stories

Recommended For You