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ST. PETERSBURG, FL-Cambridge Investors has acquired two retail properties in Florida totaling 242,000 sf. With these acquisitions, the Farmington Hills, MI-based investment company has acquired more than $40 million worth of commercial real estate throughout Florida, according to CEO Thomas Purther.

The two assets include the 147,000-sf Crosswinds Shopping Center in St. Petersburg and the 95,000-sf Landings Shopping Center in Sarasota. Crosswinds Shopping Center is fully leased and is anchored by Bed Bath & Beyond, Marshall’s, Michaels and Sofa Express. Cambridge Investors says in a statement that it plans to “enhance and upgrade the property to take advantage of a strong St. Petersburg market.”

Cambridge Investors purchased the Landings Shopping Center in partnership with Southfield, MI-based Schostak Brothers and Co. Completed in 1988, the center is anchored by Jo-Ann Fabrics. It is 96% leased to a mix of national tenants including Radio Shack, Subway and Oreck Floor Care Center. Additionally, the center is shadow-anchored by Albertsons, PetsMart and Office Depot.

Cambridge Investors focuses on acquiring retail shopping centers and medical office real estate throughout the Midwest and Southeast and concentrates in Florida. The company plans to invest $75 million in commercial real estate during the next 12 months.

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