Done Deals: Central Florida retail center to undergo $10.9 million major redevelopment

Tuesday, September 8, 2020

Central Florida retail center to undergo $10.9 million major redevelopment

Pearl Britain Plaza, Ocala, FL

Rick Baer

MIAMI, FL – JLL Capital Markets announced it has arranged $10.9 million in financing for the redevelopment of Pearl Britain Plaza, a Publix-anchored neighborhood shopping center in the central Florida community of Ocala, Florida.

JLL worked on behalf of the borrower, a Miami-based family office and American Commercial Realty Corp. (ACR), the developer, to place the seven-year, fixed-rate loan with First Florida Integrity Bank.

Loan proceeds will be used for the redevelopment of the property.

George Kleier

The borrower plans on demolishing the existing Publix building at Pearl Britain Plaza that was constructed in 1991 and building a new 48,387-square-foot Publix supermarket with a drive-thru pharmacy anchoring the rebuilt 77,637-square-foot retail center.

Publix has the No. 1 grocery market share in Florida. The redeveloped retail center will have improved visibility and access from all adjacent roads as well as a new façade, lighting and landscaping.

All the existing tenants have shown their commitment to the project post-renovation by contracting to stay at Pearl Britain.

Located at the intersection of NE 35th St. and NE 25th Ave., Pearl Britain Plaza is in Ocala, which is approximately 85 miles north of Orlando and 90 miles southwest of Jacksonville.

Justin Paul

The asset benefits from continued population growth and limited competition in the submarket.

“We are very pleased to have developed a plan which allows Publix to continue to serve the local market and its residents with an upgraded facility and improved appearance,” said Rick Baer, ACR President.

“A highlight of our efforts was the cooperation with the local government in developing a plan that benefits the center’s business while preserving the natural area surrounding it,” added George Kleier, ACR’s Director of Leasing and Development.

Leasing Manager for the center, Justin Paul, pointed to the enthusiastic response he is receiving to the newly redeveloped spaces which will be available early in 2021.

Elliott Throne

The JLL Capital Markets team that represented the borrower was led by Managing Director Elliott Throne and Director Jesse Wright.

“The combination of a strong operator in ACR and a well-conceived business plan, led to a highly competitive lender field, even during a pandemic,” Throne said. “Once complete, this renovated Publix is in prime position to continue its exceptional sales trend.”

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