The increased push for upzoning has come amid newly introduced rent regulation for next year's statewide legislative session.

The property at 8595 Beach Blvd. is anchored by Rowe's IGA Supermarket, Planet Fitness and the Armed Forces Career Center. Built in 1991, the property is 94% occupied and will be rebranded by the new ownership as Gates of The Promenade Shopping Center.

The transaction, according to Cushman & Wakefield, for the full-building lease involved the negotiation of a lease termination with existing tenant, Sun Pharmaceutical, and the arrangement for the purchase of in-place research and development infrastructure.