Tom Falatko, Madison Marquette's vice president of acquisitions, tells GlobeSt.com the per-sf-price was below replacement cost. The purchase "further strengthens and increases our retail presence within a strong Florida market," Falatko says.
The acquisition was Madison Marquette's third in Florida. The company owns Bell Tower Shops in Fort Myers and is a joint venture partner of several class A retail properties along Miracle Mile in Coral Gables and the Meridian office buildings complex in Miami Beach. Madison's partners in the October 2004 bulk property purchase are Miami-based Terranova Corp. and SSS Realty Advisors of New York. SSS Realty is a subsidiary of MetLife and an affiliate of State Street Research & Management Co.
Falatko says his firm has no immediate plans for redevelopment or improvements to 18-year-old Mariner's Village located 4550 E. Michigan St. The center's tenant roll includes Winn-Dixie, LA Fitness, Walgreen's, Blockbuster, Wingsback and Firehouse Subs. The average asking gross rent range for non-anchors is $15 to $19 per sf.
The property was on the market 30 days. The deal took another 32 days to complete, from contract signing to closing. Miami-based Blackrock Retail Property Advisors brokered the transaction.
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