PALM BEACH, FL—Another South Florida grocery-anchored shopping center has traded hands—and this particular sale is another example of the Canadian capital invasion in the region. The Winn Dixie-anchored Salerno Village Square sold for $8.64 million to an affiliate of Toronto-based Slate Properties.
“Investment capital is strong for grocery-anchored retail properties throughout the Southeast,” says Anthony Blanco, director of investment sales at The Shopping Center Group (TSCG). “Salerno Village Square is a well-positioned, retail asset that offered the buyer an opportunity to enter the Stuart market. The offering garnered attention from all investor types, many of which were attracted to the potential upside from leasing the available space at the center.”
Located at the intersection of Federal Highway and Salerno Road in Stuart, FL, Salerno Village Square is a 77,677-square foot neighborhood shopping center in the core of the trade area's primary retail corridor. The property was originally built in 1976 and renovated in 2004 to accommodate a new Winn-Dixie store. It is 85% leased.
The retail center also includes a CVS/pharmacy. According to TSCG, about 37,500 residents with average household incomes of about $77,000 live within three miles of Salerno Village Square. The firm reports that a young, affluent population extends a 10-minute drive to include more than 59,000 residents with an average household income of nearly $71,000.
“Once again, we were successful at achieving top-dollar for a class-A property for Equity One,” says Blanco. “And our team is currently marketing another Winn-Dixie-anchored center in South Florida with interest at the same robust level.” TSCG also facilitated the sale of CVS Plaza in Miami on behalf of Equity One in 2013.
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