GROVELAND, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of Eagle Ridge Shoppes (top left photo), a 65,751-square foot Publix-anchored shopping center in Groveland. The sales price of $9.1 million represents $138 per square foot.
Daniel “Sonny” Molloy (middle right photo), a vice president investments in Marcus & Millichap’s Atlanta office, represented the seller, Groveland Associates LLC, a Tampa-based development company. Kirk Olson and Drew A. Kristol, senior associates in the firm’s Miami office, represented the buyer, a private equity group based in Miami.
“Eagle Ridge Shoppes is anchored by Publix, which is performing quite well,” says Molloy. “A Burger King corporate ground lease was also part of the sale.”
“Eagle Ridge Shoppes is an attractive asset because it has a stable base of tenants and the opportunity to enhance returns through a leasing effort,” Molloy continues.
“The center also possesses a unique geographical location feature that seems to have contributed to the success of Publix. There are many lakes in the surrounding area—several are positioned between Groveland and the nearby town of Clermont—and for many residents of Clermont it is easier to come to the Groveland Publix than it is to shop at one in their own town,” adds Molloy.
The shopping center is located on the northeast corner of State Road 50 and County Road 565A at 7975 State Road 50 in Groveland. State Road 50 is Groveland’s main artery and connects Orlando, Fla. with Tampa, Fla. The center is approximately 25 miles northwest of downtown Orlando and less than five miles from Clermont, Fla.
Eagle Ridge Shoppes was built in 2007 on 10.9 acres. The shopping center is 80 percent leased with Publix occupying 70 percent of the space, not including the Burger King outpad. Other notable tenants include Great Clips and Subway.
Publix draws from a trade area beyond the town of Groveland; an area that includes the west side of Clermont. Population growth of approximately 15 percent is projected for the area during the next five years.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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