Friday, July 8, 2011

HFF closes $4.725 million sale of retail center in St. Augustine, FL



MIAMI, FL – HFF announced today that it has closed the sale of a 62,000-square-foot component of Riverside Centre (top left photo), a regional community center in St. Augustine, Florida.

HFF represented the seller, Kimco Realty Corporation.  Cole Real Estate Investments purchased the property, which was sold without existing debt, for $4.725 million in June.  Thomas Falatko, vice president of acquisitions represented Cole in the transaction.

Riverside Centre is situated at one of the most dominant retail intersections between Daytona Beach and Jacksonville; the intersection of US Highway 1 and State Road 312 in St. Augustine.

 The portion of the property that sold is 100% occupied by a 57,000-square-foot Hobby Lobby and 5,000-square-foot Color Wheel Paint.  Tenants within the larger center (not part of the collateral) include Big Lots and Bealls Outlet.

The HFF team representing Kimco Realty Corporation included managing directors Brad Peterson and Danny Finkle.

Contacts:
Brad Peterson, HFF Managing Director, (405) 286-5224, bpeterson@hfflp.com                        Daniel Finkle, HFF Managing Director, (305) 448-1333, dfinkle@hfflp.com                             Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
               

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