ORLANDO—Central Florida retail is still turning investor heads. A Starbucks-anchored retail center near Disney and a Publix-anchored shopping center in Cocoa Beach have traded hands.
The Shopping Center Group (TSG) inked the deals on the retail malls, which are in two popular tourist markets. With these transactions on the books, TSG has closed more than $130 million on 10 deals since January.
“Florida's retail market has rebounded, and there is a great deal of appetite for retail investment opportunities around the state,” says Anthony Blanco, director of investment sales at TSG. “Despite a rise in interest rates this year, pricing remains strong and is largely due to the lack of high quality retail centers.”
The Starbucks-anchored retail center sold for $3.3 million. The center is 100% occupied and sits at the entrance to Blue Heron Beach Resort, a dual-tower residential community in the Walt Disney tourist region. Built in 2008, the retail center is also home to Subway, Tennis Plaza, and three local tenants. The location is on Apopka Vineland Road, about a half-mile south of Interstate 4.
The Publix-anchored Banana River Square in Cocoa sold for $7.5 million. Located in the surfing capital of the east cost, the shopping center was originally built in 1983 and renovated in 1996. The strip mall is 89% leased.
Positioned at the intersection of North Atlantic Avenue and South Banana River Boulevard, the center is located in the heart of Space Coast, a community with significant barriers to entry. TSG represented the seller, an affiliate of Columbus, Ga.-based Victory Real Estate Investments, in the transaction. A Publix affiliate purchased the property.
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