The Florida retail real estate sector is experiencing a surge in activity, marked by significant acquisitions and substantial financing deals. Investors are showing strong confidence in the state’s market, particularly in open-air centers and grocery-anchored properties, driven by demographic shifts and sustained population growth.
Key Takeaways
- A major portfolio of 10 open-air retail centers across Florida and South Carolina was acquired for $395.5 million.
- Two grocery-anchored retail centers in South Florida secured over $57 million in financing.
- Individual retail properties, including a restaurant and a strip center, were also transacted.
Major Portfolio Acquisition
Bain Capital and 11North Partners have acquired a 10-property open-air retail portfolio spanning Florida and South Carolina for approximately $395.5 million. This significant transaction, totaling over one million square feet of gross leasable area, includes properties in desirable Florida submarkets like Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina. Seven of these centers are anchored by Publix, and the portfolio features a strong mix of national, regional, and daily-needs tenants. The acquisition highlights investor demand for well-located, necessity-based retail centers in high-growth regions.
Financing for Grocery-Anchored Centers
In a separate development, two key grocery-anchored retail centers in South Florida have secured substantial financing. Country Club Plaza in Miami Gardens and Cypress Commons (formerly Tamarac Town Square) in Tamarac received a combined $57.47 million in loans arranged by JLL Capital Markets on behalf of the borrower, Jamestown. Both properties are anchored by Publix and are situated in densely populated areas with strong demographic profiles, underscoring the continued appeal of grocery-anchored retail investments in the state.
Individual Property Transactions
Beyond the larger portfolio deals, individual retail properties are also changing hands. Petrakis Properties acquired a 5,400-square-foot retail strip center in Norfolk, Virginia, anchored by a 7-Eleven, for $1.3 million. In another transaction, FMJ Properties LLC purchased a 5,688-square-foot restaurant property in Vero Beach, Florida, triple-net leased to a Chili’s, for $2.55 million. These deals, brokered by Silber Investment Properties, indicate continued interest in diverse retail assets across different markets.
Sources
- Local investors acquire retail properties in Virginia and Florida, Long Island Business News.
- 10-Property open-air retail portfolio trades hands for $395.5M in Florida and South Carolina, JLL.
- $57.47M financing secured for South Florida grocery-anchored retail centers, JLL.
- Bain Capital and 11North Partners Acquire Portfolio of 10 Open-Air Retail Centers Across Florida and South
Carolina, Bain Capital.