MIAMI-A partnership between Weingarten Realty Investors of Houston and AEW Capital Management of Boston has taken ownership to two adjacent retail centers in Port Charlotte. The separate deals total $25.6 million.
Locally based Blackrock Retail Property Advisors brokered the deals on behalf of the two sellers, Alliant Partners of Tampa and Paradise Development Group of Safety Harbor. The retail properties involved in the simultaneous transactions are the Quesada Commons and Shoppes of Port Charlotte (SOPC).
The newly constructed centers make up a combined 99,901 sf and feature a Publix and a Petco. Publix is located in the Quesada Commons, which was developed by Alliant, and Petco is located in SOPC, which was developed by Paradise, according to Nikolas Kozy, of Blackrock Retail Property Advisors. He brokered the deal with Dennis Carson. Kozy tells GlobeSt.com that, going forward, the new owners will view the centers as one property.
The retail centers stand at the intersection of US Highway 41 and Toledo Blade Boulevard in the center of Port Charlotte. The Publix at Quesada opened in 2005, but the smaller shops opened this year, Kozy says. In addition, SOPC was completed this year. SOPC is 100% preleased and Quesada is 90% leased.
Kozy tells GlobeSt.com that "not many deals are trading in that area of Florida," adding that the combined property went for a low-6% cap rate.
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