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MIAMI-Flagler Park Plaza, a 350,000-sf retail center in Miami has sold for $54.3 million. Principal Global Investors, a division of publicly-traded Principal Financial Group, purchased the shopping center from Flagler & 82nd Ltd., a local private partnership.

The sale price equates to approximately $155.14 per sf.

Flagler Park Plaza is anchored by Publix, Linens ‘n Things, PetsMart, Michaels, Pep Boys, Walgreens, Big Lots, Joann Fabrics and Office Depot.

Terranova Corp. represented Flagler & 82nd Ltd. in the sale, which closed less than 90 days after Terranova was hired. Beth Azor, president of Terranova Corp., a Miami-based third-party commercial real estate advisory firm, notes a high level of investor interest in the plaza. “Interest in this exceptional supermarket-anchored community center was intense from investors throughout the country,” Azor said in a statement. “We received a large number of offers, reflective of investor demand in this asset class, and went with the strongest player offering the top price, coupled with the fastest and most certain execution.”

“The per sf price of just over $155 was driven by the incredibly strong demographics of the nearly 500,000 residents within a five-mile radius, as well as the exceptional level of tenant sales at the property,” Azor added.

Principal Global Investors has been active in the South Florida retail market in recent months. Earlier this year, Principal, a long-term client of Terranova’s, sold a 96,342-sf shopping center, Weston Lakes Plaza, in the South Florida city of Weston for $23.1 million. In addition, last year, Principal sold companion property Country Isles Plaza, a 106,343-sf plaza in Weston, for $19.9 million.

In all, Terranova’s sale activity in the past 12 months is more than $150 million including these transactions. Terranova’s Capital Markets Group also advised buyers on two retail investments and one industrial investment totaling more than $55 million. The Capital Markets Group, led by Terranova chairman Stephen H. Bittel, expects transaction volume to continue at that pace through the rest of the year, and debt and equity deals totaling $100 million are pending.

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