MIAMI, FL – HFF announced today that it has closed the sale of Island Estates Plaza (top left photo), a 50,046-square-foot, grocery-anchored neighborhood center in Clearwater Beach, Florida.
HFF marketed the property on behalf of the seller, DAM Clearwater, LLC, an entity wholly owned by David A. Mack Properties, LLC. Publix Super Markets, Inc. purchased the asset for $8.1 million free and clear of debt.
Island Estates Plaza is situated on 4.2 acres at 130 Island Way in the Island Estates neighborhood along the Clearwater Memorial Causeway between downtown Clearwater and the island of Clearwater Beach. The property is fully leased to tenants including Publix, Bank of America, Wells Fargo and The UPS Store.
The HFF team representing the seller was led by managing director Daniel Finkle, (middle right photo) director Luis Castillo (middle left photo) and real estate analyst Robert Saracco.
“Barrier island, grocery-anchored retail center investment opportunities are rarely available in Florida and the opportunity to acquire this fully leased shopping center made Island Estates Plaza a highly sought after investment,” said Castillo. “Island Estates has a long history of success that will undoubtedly continue under its new ownership.”
David A. Mack Properties, LLC is a private real estate investor based in Southport, Connecticut that primarily invests in retail and office properties along the East Coast.
Founded in 1930, Publix Super Markets is the largest and fastest-growing employee-owned supermarket chain in the United States.
Contacts:
Daniel Finkle, HFF Managing Director, (305) 448-1333, dfinkle@hfflp.com
Luis Castillo, HFF Director, (305) 448-1333, lcastillo@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
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