The seller, Amprop Development LLC, was represented exclusively by Plaza Advisors managing partner Jim Michalak. The buyer was not represented by a broker. Michalak tells GlobeSt.com the property was sold to take advantage of the healthy capital markets. "The developer is not a merchant developer, they usually hold on to their properties," Michalak says. "They were able to sell at a very low cap rate."
The property was acquired as part of a 1031 exchange and Fairway Investments plans to hold the asset as a long-term investment, he adds.
The shopping center, which was built in phases from 2005 to 2007, is part of a mixed-use development including 196 townhomes developed by Beazer Homes and 16,150 sf of office space built above portions of the retail space. The retail space was 97% occupied at the time of the sale with rental rates ranging from $22 to $28 per sf. Tenants include Sweetbay Supermarket, Hollywood Video, Subway, H&R Block, Samurai Blue and the UPS Store. Outparcel tenants include Starbucks, Bank of America and AmSouth Bank.
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