SANFORD, FL—The Boulevard Plaza shopping center here has been sold by The Sandefur Companies to Branch Properties for $12.2 million.

CBRE, which arranged the sale of the 107,117-square-foot retail property, announced the deal. The shopping center is located on the northwest corner of Highway 17-92 and Lake Mary Boulevard. CBRE Investment Properties' Cliff Taylor, senior vice president in the firm's Jacksonville office, and Daniel Baker, first vice president at CBRE's Orlando location worked on the deal.

Albertson's was the plaza's primary anchor tenant at its inception, ceased operating in early 2010, but continues to pay its rent obligations. Despite that, the center has performed very well and the small shop space has been exceptionally stable, according to CBRE.

“Boulevard Plaza is located at the intersection of two major thoroughfares, offering high vehicle counts, easy access and strong signage for the shopping center and its individual tenants,” says Baker. “It boasts long-term leases with Albertson's, CVS Pharmacy and Burger King and includes other  tenants such as Papa John's, Qdoba, H&R Block and Trustco Bank.”

Commenting on the sale of Boulevard Plaza, CBRE's Taylor says, “With retail market fundamentals on the rebound, the buyer recognized a unique opportunity to acquire a strategic piece of retail real estate and believes very much in the long-term ability to attract a quality replacement anchor at the center. We were able to secure an aggressive price for our client by way of a discrete 'off market' transaction.”