Several prominent real estate firms have recently completed significant acquisitions, expanding their portfolios with key retail properties across Florida and South Carolina. These transactions highlight continued investor confidence in the Southeast’s dynamic retail market, focusing on well-located, high-occupancy centers.
Key Takeaways
- A substantial portfolio of 10 open-air retail centers across Florida and South Carolina was acquired for approximately $395.5 million.
- The Sterling Organization acquired the Copaco Center in Bloomfield, Connecticut, for $54.2 million.
- Invesco and Bozzuto have launched a $1 billion joint venture, with their first investment in a Florida multifamily property.
- A Florida-based investor purchased a historic apartment building in Norwalk, Connecticut, for $1.71 million.
Southeast Retail Portfolio Transaction
Bain Capital and 11North Partners have jointly acquired a portfolio of ten open-air retail centers spanning Florida and South Carolina for approximately $395.5 million. This collection of properties, totaling over one million square feet, boasts an occupancy rate exceeding 93%. Seven of these centers are anchored by Publix, a leading grocery chain, and feature a diverse mix of national and regional tenants, including Bank of America, Chipotle, and Starbucks. The strategically located assets are situated in high-demand areas such as Boca Raton, Fort Lauderdale, Orlando, Tampa, and Charleston, South Carolina, known for strong demographics and limited new retail supply.
Connecticut Retail Center Acquisition
In Connecticut, The Sterling Organization, a Florida-based real estate investment firm, has purchased the Copaco Center in Bloomfield for $54.2 million. This 439,644-square-foot shopping center is anchored by a Stop & Shop supermarket and a Lowe’s home improvement store, with other notable tenants including Burlington, Planet Fitness, CVS, IHOP, and McDonald’s. The center is approximately 93% leased and is situated in an area with a dense population and high average household incomes, making it an attractive investment for Sterling Organization.
Multifamily Investment and Historic Property Deal
In the multifamily sector, Invesco Real Estate and Bozzuto have established a $1 billion joint venture, with their initial investment focused on a 220-unit property in Orlando, Florida. This venture aims to capitalize on recovering market fundamentals by targeting value-add investments across East Coast markets. Meanwhile, a separate transaction saw a Florida-based investor acquire a 125-year-old, five-unit apartment building in Norwalk, Connecticut, for $1.71 million. This historic property, located at 2 Park Street, underwent significant renovations in 2017 and represents a valuable addition to the buyer’s existing portfolio.
Key Takeaways
- Copaco Center in Bloomfield is sold for $54.2 million, The Middletown Press.
- 10-Property open-air retail portfolio trades hands for $395.5M in Florida and South Carolina, JLL.
- Florida investor buys turn-of-the-century apartment building in Norwalk for $1.71M, Hartford Business Journal.
- Invesco, Bozzuto Launch $1B JV With Florida Buy, Multifamily Housing News.
- Bain Capital and 11North Partners Acquire Portfolio of 10 Open-Air Retail Centers Across Florida and South
Carolina, Bain Capital.