ALTAMONTE SPRINGS, FL-Saul Centers Inc. has made its second Southeastern retail acquisition with the $17.43-million purchase of the 30-year-old, 126,446-sf Palm Springs Center at Palm Springs Drive and State Road 436 in this Orlando suburb.
A 57,685-sf Albertsons grocery story and a 29,994-sf Home Depot store anchor Palm Springs Center. The center was built in 1975 and renovated in 1992. Blackrock Retail Property Advisors Inc. of Miami negotiated the transaction for Invesco, and institutional division of London-based AMVESCAP PLC.
Saul paid New York-based Invesco Real Estate Inc. $137.85 per sf for the asset, considered a premium price for the property, local retail brokers tell GlobeSt.com.
In May, the Bethesda, MD-based REIT paid $12.6 million, or $159.49 per sf, for the 79,000-sf Cruse MarketPlace shopping center in Atlanta's suburban Forsyth County. North American Properties of Cincinnati sold the center for a price that was considered one of the highest at the time for a metro Atlanta retail property.
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