MIAMI—South Vero Square, a 147,417-square-foot neighborhood shopping center in Vero Beach, FL, has a new owner. Indian River Holdings, LLC purchased the retail property from Vero Beach Shopping Center Associates Limited Partnership, a Florida-based investor managed by Gold Krown LLC. The sale price was $7.8 million.
CBRE marketed the asset for sale and negotiated the transaction. CBRE's David Donnellan, Todd Weintraub, Casey Rosen, and Dennis Carson worked on the deal.
“The market for class B/C quality retail centers has heated up dramatically over the past nine months,” says Donnellan, first vice president at CBRE. “Demand is very strong from private capital for these opportunities as investors are seeking yield and are comfortable that leasing fundamentals are improving.”
Built in 1989, the shopping center sits at the intersection of U.S. Highway 1 and Oslo Road and is anchored by a 42,112-square-foot Publix grocery store. The property was 61.5% occupied at the time of sale and included a 35,244-square-foot vacant anchor space. The shopping center has three outparcels occupied by Wendy's, McDonald's and Seacoast National Bank, which were not included in the sale.
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