JACKSONVILLE, FL-Isram Realty Holdings has scooped up a Publix-anchored shopping center for $7.5 million. The 71,957-square-foot plaza is located at 9100 Merrill Rd.

Joel Kattan and Hernan Prohaszka of Franklin Street were the sole brokers involved in the transaction. Kattan and Prohaszka represented the buyers, Shai Moschowits and Brahm Scoler of Hallandale-based Isram Realty Holdings.

Kattan says the purchase is a strong addition to Isram’s growing portfolio, which currently includes 1.8 million square feet of shopping centers throughout Florida. Isram owns other retail centers in the area.

“The center was not on the market for sale,” Kattan tells GlobeSt.com. “The owner was getting ready to market the property when we approached him with our offer.”

With an occupancy rate of 90%, Kattan says there is some value add for Isram. Publix has about six years remaining on its term, he adds, and there is a good tenant mix of quality local businesses along with national tenants.

The property was under contract for about three months. Kattan shares that the original deal was non-contingent upon financing, however before closing the buyer secured a loan from Sun Life. The CAP rate was about 9%.

“Retail seems to be stabilizing somewhat and businesses seems to be a little more active,” Kattan tells GlobeSt.com. “I believe this trend will continue on a slow and steady course but I don’t anticipate much increase in rental rates of today, which are still very depressed compared to 2007 and prior.”