Elizabeth Owens, senior vice president of BPG who negotiated thedeal for her firm, says the acquisition fits BPG's requirements."We view this acquisition as an opportunity to purchase awell-located retail center at a below replacement cost pricing of$81 per sf and an attractive capitalization rate in the mid-9%range," she says.
She adds, "At that price, the asset should provide our investorswith substantial cash flow, while allowing us to enhance the valueof the center through proactive management and re-leasing." BPG'sassets total $384 million.
A Winn-Dixie supermarket anchors Southchase Village. Othertenants are Bealls, Tuesday Morning, Eckerd Drugs, World Gym and alocal theater. The property is in a densely populated area alongSouth Orange Blossom Trail (US 441 South).
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