The seller, Amprop Development LLC, was represented exclusivelyby Plaza Advisors managing partner Jim Michalak. The buyer was notrepresented by a broker. Michalak tells GlobeSt.com the propertywas sold to take advantage of the healthy capital markets. "Thedeveloper is not a merchant developer, they usually hold on totheir properties," Michalak says. "They were able to sell at a verylow cap rate."

The property was acquired as part of a 1031 exchange and FairwayInvestments plans to hold the asset as a long-term investment, headds.

The shopping center, which was built in phases from 2005 to2007, is part of a mixed-use development including 196 townhomesdeveloped by Beazer Homes and 16,150 sf of office space built aboveportions of the retail space. The retail space was 97% occupied atthe time of the sale with rental rates ranging from $22 to $28 persf. Tenants include Sweetbay Supermarket, Hollywood Video, Subway,H&R Block, Samurai Blue and the UPS Store. Outparcel tenantsinclude Starbucks, Bank of America and AmSouth Bank.