City Heart at Jensen Seashore. Picture courtesy of JLL
Phillips Edison & Co. has acquired two grocery-anchored retail facilities, totaling 181,000 sq. toes, for $32 million. JLL Capital Markets brokered the deal on behalf of the vendor, PGIM Actual Property.
The brand new proprietor added the 70,288-square-foot Outlets at Sundown Lakes in Miramar, Fla., and the 109,811-square-foot City Heart at Jensen Seashore in Jensen Seashore, Fla., to its retail portfolio. Each buying facilities are anchored by Publix.
Outlets at Sundown Lakes was constructed in 1999 and is 98.4 p.c occupied. Publix has anchored the retail heart for greater than 23 years. The property additionally options quite a lot of nationwide and native tenants, together with Goodwill, State Farm Insurance coverage, Sedation Dental Spa, Small World Montessori, The Tutoring Heart and Sushi Ski.
Outlets at Sundown Lakes is located at 18401-18499 Miramar Parkway, serving a inhabitants of 69,697 residents dwelling inside a 3-mile radius, with a median family earnings of $138,871.
City Heart Outlets at Jensen was accomplished in 2000 and is at present 83.5 p.c occupied by a various combine of companies together with service, meals and beverage, medical and health suppliers, in addition to a standalone Culvers outparcel.
Publix has been working on the property for 22 years, alongside Orange Principle Health, Celebration Metropolis, Dad and mom Alternative Preschool, All Companions Community and Coastal Animal Hospital, amongst others. Positioned at 4163 N.W. Federal Freeway, the property is accessible to a inhabitants of 114,389 residents dwelling inside a 5-mile radius.
Grocery-anchored belongings stay a secure wager for traders
JLL Senior Managing Director Danny Finkle, Senior Administrators Eric Williams and Jorge Portela, together with Vice President Kim Flores led the group representing the vendor within the transaction.
Traders proceed to point out a powerful curiosity within the retail sector, notably in grocery-anchored buying facilities situated in fast-growing Florida markets, attributable to their persistently sturdy efficiency, Finkle mentioned in a ready assertion.
Earlier this 12 months, Stiles Corp. and Cantrell & Morgan offered Parkway Village at St. Johns, a 52,070-square-foot, Publix-anchored retail heart in St. Augustine, Fla. The identical JLL group represented the three way partnership within the transaction.
