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| Cornerstone Plaza, Cocoa Beach, FL |
MIAMI, FL – HFF announced today the closing of the $24.45
million sale of and $10.125 million financing for Beachway Plaza in
Bradenton, Florida and Cornerstone Plaza in Cocoa Beach, Florida, two
Publix-anchored retail centers totaling 189,567 square feet.
HFF marketed the properties on behalf of Retail Properties
of America, Inc. (“RPAI”), which were purchased by Branch Properties, LLC for
$24.45 million.
In addition, HFF
arranged five-year acquisition financing on behalf of the buyer for Beachway
Plaza through Guggenheim Commercial Real Estate Finance, LLC.
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| Beachway Plaza, Bradenton, FL |
Beachway Plaza is located at the intersection of Manatee
Avenue W and 75th Street West in Bradenton with a daily traffic count of more
than 29,000 cars per day.
Built in
2004, the 120,990-square-foot center is 84.8 percent leased to tenants including
Publix, Bealls Outlet and Staples.
Renovated most recently in 2004, Cornerstone Plaza is
located at the intersection of North Atlantic Avenue and South Shepard Drive in
Cocoa Beach.
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| Danny Finkle |
The 68,577-square-foot property is situated on 8.33 acres
and is 86 percent leased to tenants including Publix, Cocoa Beach Realty and
Beef ‘O’ Brady’s.
The HFF investment sales team representing the seller was
led by senior managing director Danny Finkle and managing director Luis
Castillo.
HFF’s debt placement team representing the buyer was led by
director Chip Sykes.
“The opportunity to acquire two high-volume, Publix-anchored
centers with value creation potential proved to be extremely appealing to
investors,” said Castillo. “The
response to this offering was tremendous and resulted in a great outcome for
RPAI.”
 |
| Luis Castillo |
HFF’s investment sales team secured more than $553 million
in sales of retail assets nationally during the first quarter of 2014. In Florida, HFF closed more than $134
million in retail transactions across all capital markets platforms during the
same period.
Retail Properties of America, Inc. is a REIT and is one of
the largest owners and operators of high quality, strategically located
shopping centers in the United States.
As of March 31, 2014, the company owned 227 retail operating properties
representing 31.2 million square feet, including its pro rata share of
unconsolidated joint ventures. The
company is publicly traded on the New York Stock Exchange under the ticker
symbol RPAI. Additional information
about the company is available at www.rpai.com.
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| Chip Sykes |
Founded in 1973 and based in Atlanta, Branch Properties, LLC
is a private real estate investment firm primarily focused on high-quality
neighborhood shopping centers located in the southeastern United States.
As a vertically integrated real estate
operating company, Branch has the in-house expertise to source, negotiate,
acquire, develop, finance, lease and manage neighborhood shopping center
investments.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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