The seller was Canada-based Dalfen America Corp. The 96.4% occupied center is anchored by a Winn Dixie, with Ace Hardware as a junior anchor. The buyers estimate the sale price to be 55% of the replacement cost of the center.
"The deal was extremely attractive because the property is well-anchored and is located in a strong market," Forge director of acquisitions Ted Anglyn tells GlobeSt.com. "We plan to hold the asset for five to seven years."
Among reasons for the acquisition are the strong demographics in the area. The center is in the Fort Myers/Cape Coral area, where retail growth is expected to be strong in the coming years due to population and personal income growth.
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