The seller was Tarrytown, NY-based DLC Management Corp. Staubach Capital Markets senior vice president Brad Peterson was the broker involved in the sale. The property, which is anchored by Vero Bowl and World Gym with an Outback Steakhouse and Checkers restaurant located in front of the property, was 66% occupied at the time of the sale. "Vero Beach is one of the retail markets with the strongest potential in Florida," Peterson says.

Luria Plaza LLC, which is led by Dr. Michael Rechter, CEO of closely held Integra Cos., acquired the adjacent 17-acre, 156,997-sf Indian River Plaza shopping center with a group of investors in 2005 for $6 million. Indian River Plaza, which is anchored by Kmart and the US Postal Service, is currently undergoing a $5-million renovation project which will include a new retail outparcel fronting US 1. Luria Plaza is considering combining the properties into an outdoor shopping, entertainment and dining area with plans to begin renovations to Luria Plaza this summer.

Luria Plaza LLC was attracted to the acquisition of both properties because Vero Beach's barrier island and surrounding area has one of the highest concentrations of wealth in Florida, but has limited shopping venues. The US 1 corridor and the Miracle Mile were the original retail areas until the Indian River Mall was built in 1996. When the mall was constructed, retailers viewed Vero Beach as a market large enough to only accommodate one retail area. Over the last few years, however, revitalization of the area and population growth has breathed new life into the US Corridor and Miracle Mile potential.

"Vero Beach has truly arrived," Rechter says. "The combination of these two properties gives us a 34-acre parcel of land with over 300,000 sf of retail space in an area that is transforming into the retail destination of Vero Beach."