Florida-based investment firms are actively expanding their real estate holdings through strategic acquisitions across the United States. Recent transactions highlight a focus on retail properties, including grocery-anchored shopping centers and single-tenant restaurant locations, signaling continued confidence in the commercial real estate market.
Key Takeaways
- Core Investment Management acquired Jacaranda Plaza, a Publix-anchored center in Florida.
- Sterling Organization, a Florida-based firm, purchased a significant shopping plaza in Connecticut.
- Petrakis Properties and FMJ Properties LLC, both with Florida ties, acquired retail assets in Virginia and Florida, respectively.
Core Investment Management Acquires Jacaranda Plaza
Core Investment Management has expanded its Florida presence with the acquisition of Jacaranda Plaza in Plantation, Florida. The Publix-anchored shopping center was secured with the assistance of JLL, which also facilitated the acquisition financing. This move underscores the ongoing investment in well-located, essential retail assets within the state.
Sterling Organization’s Value-Add Strategy in Connecticut
Sterling Organization, headquartered in West Palm Beach, Florida, has acquired the Bristol Plaza in Bristol, Connecticut, for its Sterling Value Add Partners IV fund. This 263,000-square-foot, grocery-anchored center features national tenants such as T.J. Maxx, Burlington, and Five Below. Sterling plans to enhance the property’s value through strategic leasing and operational improvements, capitalizing on existing vacancy and potential for redevelopment.
Sterling also recently acquired Copaco Center in Bloomfield, Connecticut, another grocery-anchored shopping center, demonstrating a broader strategy to invest in high-performing retail assets with value-add potential across different markets.
Diversified Retail Acquisitions by Florida-Affiliated Investors
Further demonstrating the active investment landscape, Petrakis Properties, a commercial real estate investment firm led by Peter Petrakis, acquired a retail strip center in Norfolk, Virginia. The property is anchored by a 7-Eleven and includes other tenants like East Tide CBD and Ocean Coin Laundry.
In a separate transaction, FMJ Properties LLC, an affiliate of a New York-based investor with Florida connections, purchased a restaurant property in Vero Beach, Florida. The 5,688-square-foot building is triple-net leased to a Chili’s restaurant, with the lease backed by its publicly traded owner, Brinker International. These acquisitions highlight a diverse approach to retail property investment, ranging from multi-tenant centers to single-tenant net-leased assets.
Sources
- Core Investment Management acquires Jacaranda Plaza from Epic Real Estate Partners, JLL.
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.
- Local investors acquire retail properties in Virginia and Florida, Long Island Business News.