ATLANTA-Lakeland, FL-based Odyssey Diversified Properties has acquired a five-property portfolio from the New York City-based REIT New Plan Excel Realty Trust. The deal, totaling 289,000 sf, carried a $13.5-million price tag.

The properties included the 118,580-sf North Leg Plaza in Augusta, which is 97% occupied; the 39,262-sf Southgate Plaza in Cordele, which is 97% occupied; the 59,816-sf Southgate Plaza in Albany, which is 100% occupied; the 16,307-sf Westgate Plaza in Tifton, which is 92% occupied; and the 55,583-sf South Park Plaza in Aiken, SC, which is 95%.

The seller was represented by Atlanta-based Colliers Spectrum Cauble retail investment specialists Tony D'Ambrosio and Joe Montgomery. "The properties are well-leased with credit tenants in secondary Sunbelt markets," D'Ambrosio tells GlobeSt.com.

D'Ambrosio adds that Odyssey, which owns numerous properties in Florida, was seeking to buy additional properties in the Southeast. "There's value in getting all five properties, you can establish a presence in the Southeast market," he says.

With REITs looking to sell non-core assets and focus on larger retail properties, Colliers Spectrum Cauble has handled the sale of many smaller, neighborhood retail centers in recent months. "We've seen a strong volume of transactions this year, and we additionally have a pipeline of over $50 million in similar retail properties throughout the Southeast," Montgomery says.