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Cole Bags Three Florida Shopping Centers for $48.5 Million

Cole Real Estate Investments, a Phoenix-based commercial real estate investor, has acquired three multi-tenant retail properties in Florida in separate transactions totaling $48.5 million.

Thomas Falatko, vice president of multi-tenant acquisitions at Cole, negotiated all three transactions for the company. The deals include the $29 million purchase of Nature Coast Commons in Spring Hill; acquisition of Century Town Center in Vero Beach for $14.8 million; and the purchase of an portion of Riverside Centre in St. Augustine for $4.7 million.

“Secondary markets within Florida continue to provide opportunities to acquire high-quality, multi-tenant centers that serve as primary retail destinations within their respective trade areas,” says Scott Holmes, vice president of multi-tenant acquisitions for Cole. “With nationally recognized, creditworthy tenants and limited competition in the area, these assets fit the investment criteria for our expanding, diversified portfolio of retail assets.”

Nature Coast Commons, a 226,000 sq. ft. community shopping center constructed in 2009, is on Commercial Way (U.S. 19), a primary north-south thoroughfare and retail corridor in the Tampa/St. Petersburg-Clearwater metropolitan statistical area. Major tenants include Sports Authority, Best Buy, Ross Dress for Less, Office Depot and PetSmart. Carson Good of Jones Lang LaSalle represented the seller.

Century Town Center is a 107,000 sq. ft. shopping center constructed in 2008. The 93% occupied center at the intersection of SR-60 and Kings Highway is in the Vero Beach retail market. Major tenants include Marshalls/HomeGoods, Petco, Jo-Ann Fabrics and Olive Garden. Danny Finkle, Brad Peterson and Luis Castillo of HFF represented the seller.

Riverside Centre is at the intersection of U.S. Highway 1 and SR-312. Cole’s acquisition consists of a 57,000 sq. ft. Hobby Lobby and a 5,000 sq. ft. Color Wheel paint store. Brad Petersen of HFF represented the seller.

Cole seeks high-quality, income-producing retail, office and industrial properties to own and manage. The company’s other Florida shopping centers by Cole include Breakfast Point Marketplace in Panama City Beach, Northpoint Shopping Center in Cape Coral, Volusia Square in Daytona Beach, Weston Shops in Weston and Winter Garden Village in Winter Garden.

Cole-related entities own and manage more than 1,350 properties representing 47 million sq. ft. of commercial real estate in 46 states with a combined acquisition cost of over $8 billion.

TAGS: News Retail
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