Thursday, June 25, 2009

Plaza Advisors Announces Fourth Shopping Center Sale of 2009

TAMPA, FL Plaza Advisors is pleased to announce the sale of the Palafox Square shopping center (top left photo) in Pensacola, Florida.

The center contains shadow anchors’ WalMart Supercenter (219,742 sf) and a 22,500 sf Office Depot.

The project, built in 1999, is located at the intersection of Pensacola Boulevard and West Hood Drive. The property was 100% occupied at the time of sale and included 17,150 sf of local space with several recognizable tenants such as Radio Shack, Gamestop, GNC, Fantastic Sams, and Sally Beauty Supply.

Plaza Advisors represented the seller in the transaction and co-managing partners Jim Michalak (middle right photo) and Anthony Blanco (middle left photo) , together with Senior Financial Analyst Lenard Williams (bottom right photo) were involved in the engagement.

The seller and buyer were Developers Diversified Corporation and Yale Realty Services Corp., respectively. The sale of Palafox Squarer is the fourth transaction for Plaza Advisors in 2009.

Earlier this year, Plaza Advisors sold Regency Village, a Publix-anchored center located in Orlando, The Village Shopping Center, a Publix and Bealls Outlet anchored center in Port Orange, and Belleair Bazaar, a Bonefish Grill-anchored center in the Clearwater area.

Plaza Advisors, with offices in Tampa and Miami, is a real estate brokerage firm that specializes in the disposition of anchored shopping center properties in the southeastern United States.

Plaza Advisors clients include private equity, developers, and major institutions including pension funds, servicing agents, life insurance companies, REITs, and money center banks.

Co-managing partners Jim Michalak and Anthony Blanco have a combined 35 years investment brokerage experience. The duo has closed over 140 shopping center transactions, with a combined GLA exceeding 15 million square feet with an aggregate sales volume in excess of $2 billion.

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