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DAVENPORT, FL-Ormond Beach-based Proptek Realty has acquired the 99,388-sf Berry Town Center at US Highway 27 for $25 million.

The mixed-use center consists of a 61,421-sf Publix-anchored center, an 18,017-sf office building and two retail strips buildings of 10,500 and 9,450 sf. The sellers were Jack M. Berry, Inc. and M&M Apex Properties, LLC. The sellers were represented by CB Richard Ellis Tampa broker Ginger Gelsheimer, CBRE Capital Markets Group broker Rick Klepal and Mark Shellabarger, of the company’s Private Client Group-Retail. The buyer was represented by Coldwell Banker Commercial in Miami.

The property, located eight miles west of Disney World, was 98% leased at the time of the sale. The property was acquired as an on-going investment.

“Davenport has experienced explosive growth in recent years fueled primarily by abundant, affordable land located within commuting distance to Kissimmee, Orlando and Tampa,” Shellabarger says. “The area has averaged 35.5% growth in residential housing in the past five years and the need for retail and office service space is expected to continue to grow into the foreseeable future.”

After the closing of the transaction, one of the sellers decided to use his share of the proceeds on a 1031 exchange, Klepal tells GlobeSt.com. Klepal facilitated the 1031 exchange for the Publix-anchored portion of the property. Through the 1031 exchange, the seller acquired a CVS pharmacy in Fort Mills, SC and a Walgreen’s pharmacy in Greenville, SC

“The 1031 exchange tax deferment has become an instrumental part in many real estate transactions, particularly in the sale of Berry Town Center,” Klepal says. “Finding a ‘like kind’ property to avoid capital gains taxes can be challenging.”

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