TAMPA, FL—French Golden State Shopping Center, a Publix-anchored retail center in the Tampa suburb of Barton, FL, has traded hands. The 141,350-square-foot shopping center sits at the intersection of State Road 60 and US Highway 98.
Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller, French Golden Gate. Phillips Edison Group purchased the asset. Financial terms of the deal were not disclosed.
“The capital market demand, including debt providers, for Publix-anchored assets is overwhelming which commonly results in a tremendous amount of investor interest and elevated pricing,” says Michalak. “The compelling reasons for the aggressive bidding for this asset were the new Publix, Walgreens, Burger King, and Beall's Outlet long-term leases, investment grade credit and the 24,000 square feet of vacant space, which presents considerable NOI growth potential.”
Noteworthy is the fact that Publix originally built its third store in the chain's history at this site. The new Publix, Beall's Outlet, Walgreens, and Burger King stores were constructed and began operating in 2011. The property is 83% occupied.
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