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PALM HARBOR, FL-Saul Centers Inc., a Bethesda, MD REIT whose assets are largely in the Washington, DC/Baltimore corridor, is expanding its Central Florida presence with the purchase of its third shopping center this year.

Saul paid Seabreeze Associates $25.88 million, or $176.38 per sf, for the 145,000-s, 100%-leased Seabreeze Plaza in Palm Harbor. The 19-year-old, Publix-anchored property facing the Gulf of Mexico is 10 miles east of Downtown Tampa.

Saul Centers assumed an existing mortgage of $13.6 million in the acquisition, according to Saul's Scott V. Schneider. The loan matures in May 2014 and has a fixed-interest rate of 5.28% amortized over 25 years. AllState Life Insurance Co. provided Seabreeze Associates with a $14-million, permanent loan in 2004, as GlobeSt.com previously reported. Seabreeze Associates had owned the shopping center since it was developed in 1986.

The Maryland REIT previously paid Sun Life Assurance Co. of Canada $14.83 million, or $153.79 per sf, for the 96,400-sf, 96.4%-leased Jamestown Place at State Road 434 and Jamestown Boulevard in suburban Altamonte Springs, seven miles north of Downtown Orlando, as GlobeSt.com previously reported. A 55,000-sf Public Supermarket anchors the 19-year-old property.

In March of this year, Saul Centers acquired the 30-year-old, 126,446-sf Palm Springs Center at Palm Springs Drive and State Road 436, also in Altamonte Springs. The REIT paid New York-based Invesco Real Estate Inc. $17.43 million, or $137.85 per sf, for the property, as GlobeSt.com reported March 10. Palm Springs Center is about two miles from Jamestown Place. A 57,685-sf Albertsons grocery and a 29,994-sf Home Depot anchor the center.

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GlobeSt.com UPDATE: Saul Centers Buys Third Central Florida Asset

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