SEBASTIAN, FL-A private investor has acquired the 54,508-sf Shops at Sebastian shopping center on Sebastian Boulevard for $10.2 million. The sale was made as part of a 1031 exchange.

The seller was Blue Ribbon Crabapple LLC, which was represented by the Colliers Spectrum Cauble Retail investment sales team of Joe Montgomery, Tony D’Ambrosio and Mike Milano. “The seller is an Atlanta-based developer that built the property and sold it within a year of its development,” Montgomery tells “The values and pricing of the center exceeded the seller’s expectations when the project was first conceived.”

The center, constructed in 2006, is anchored by a 39,000-sf Publix grocery store and was 97% leased at the time of the sale. Other tenants in the property include Beef O’Brady’s, Cingular Wireless and Subway.

The property is located in Indian River County near Vero Beach, in an area that has been experiencing considerable population growth during the past 10 years. The Publix located in the center is the third in Sebastian, Montgomery says.

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