Florida’s commercial and retail real estate sectors have experienced a notable uptick in activity, with several significant transactions involving diverse property types across the state. Investors are actively acquiring properties ranging from large shopping centers to single-tenant restaurant locations, signaling continued confidence in the state’s economic landscape and consumer markets.
Key Takeaways
- A significant portfolio of 10 open-air retail properties across Florida and South Carolina traded for $395.5 million.
- A Publix-anchored shopping center in Plantation, Florida, was acquired by Core Investment Management.
- A single-tenant Chili’s restaurant property in Vero Beach, Florida, was sold for $2.55 million.
Major Retail Portfolio Transaction
JLL Capital Markets facilitated the sale of a substantial 10-property open-air retail portfolio, spanning both Florida and South Carolina, for a total of $395.5 million. The portfolio, comprising approximately 1.04 million square feet, was acquired by 11North Partners and Bain Capital from PGIM Real Estate. The properties, which boast an impressive 91.6% occupancy rate, are situated in affluent areas with strong demographic profiles. Notable locations within this portfolio include Plantation Promenade, Sawgrass Square I & II, Garden Shops at Boca, Rolling Oaks, New Tampa Center, Miramar Commons, The Promenade, Solivita Marketplace, and Lake Worth 441 in Florida, alongside Point Hope Commons in Charleston, South Carolina.
Acquisition of Publix-Anchored Shopping Center
In Plantation, Florida, Core Investment Management has acquired Jacaranda Plaza, a 175,084-square-foot Publix-anchored neighborhood shopping center. JLL Capital Markets represented the seller, a joint venture between Epic Real Estate Partners and Heitman, and also arranged the acquisition loan for the new owner through U.S. Bank. The center is nearly fully leased at 97.9% and features a strong mix of national and regional retailers, including Ross Dress for Less, Five Below, Planet Fitness, and Dollar Tree, in addition to its anchor tenant, Publix. The property’s prime location benefits from high traffic counts and proximity to major highways.
Single-Tenant Restaurant Property Sale
In Vero Beach, Florida, a 5,688-square-foot restaurant building located at 940 U.S. Highway 1 has been sold for $2.55 million. The property is triple-net leased to a Chili’s restaurant, which recently extended its lease for an additional 10 years. The lease is further secured by Brinker International, the publicly traded owner of Chili’s. This transaction highlights investor interest in single-tenant, net-leased properties with strong corporate backing.
Other Notable Transactions
While not directly in Florida, a related transaction involved a Florida-based REIT, NNN REIT LP, acquiring six child care center properties in the Des Moines, Iowa area for a combined total of over $12 million. This indicates a broader trend of real estate investment trusts diversifying their portfolios across different asset classes and geographic regions.
Sources
- NOTABLE TRANSACTIONS: Florida REIT acquires Des Moines-area child care center properties, Business Record.
- Core Investment Management acquires Jacaranda Plaza from Epic Real Estate Partners, JLL.
- 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.