Three Retail Centers Go for Total $58M

ALTAMONTE SPRINGS, FL-Retail acquisitions continue to be among investors’ top choices as indicated by a flurry of year-ending shopping center deals in Central and North Florida that grossed a total $58 million for the three individual sellers.

In suburban Orlando, Stiles Capital Partners, the investment arm of Stiles Corp. in Fort Lauderdale, purchased the 100%-leased, 335,523-sf Marketplace at Altamonte for $39.5 million or $117.72 per sf. The 35-year-old acquisition was the first in Central Florida for Stiles Capital Partners. The property includes two outparcels–one occupied by Lane Furniture (22,043 sf); the other by Peoples First Community Bank (12,000 sf).

Also in Altamonte Springs, Saul Centers Inc. of Bethesda, MD acquired the 19-year-old, 96,372-sf Jamestown Place at State Road 434 and Jamestown Boulevard from Sun Life Assurance Co. of Canada for $14.85 million or $154.09 per sf. A 55,000-sf Publix Supermarket anchors the property. Blackrock Retail Property Advisors LLC of Miami negotiated for the seller in both transactions.

In Jacksonville, DBSI-Discovery Real Estate Services Inc. of Boise, ID paid Miami-based GCJ Associates LLC $4.1 million, or $202.47 per sf, for the 20,250-sf, one-year-old Guitar Center at 9365 Atlantic Blvd. GVA Advantis brokers Brad C. Luger and Larry Randolph negotiated for the seller.