Philips Edison/ARC acquires two centers in Florida
Cincinnati — Phillips Edison/ARC Grovery Center REIT II, announced the acquisition of two grocery-anchored shopping centers, Lake Washington Crossing and MetroWest Village. These acquisitions expand the company’s portfolio to include the state of Florida.
Lake Washington Crossing is a Publix grocery store-anchored shopping center located in Melbourne, Florida, approximately 35 miles east of Orlando. Other national and regional tenants featured at the 118,698 sq.-ft. shopping center include Sally Beauty, Pizza Hut, KFC and H&R Block.
MetroWest Village is a 106,977-sq.-ft. grocery store-anchored shopping center located in Orlando, Florida. MetroWest Village is anchored by a Publix grocery store. Other national and regional tenants at the center include Marco’s Pizza, Subway, Pet Supermarket, GNC, Anytime Fitness, Weight Watchers and South Beach Tanning.
JLL effects sale of Lake Washington Crossing
Orlando, Fla. — JLL’s Capital Markets experts announced the firm has closed the sale of Lake Washington Crossing on behalf of WSRI-SRP Lake Washington, LLC.
Baltimore-based Philips Edison Group, LLC, purchased the 118,698-sq.-ft. grocery-anchored shopping center, located near Florida’s ocean coast, in the town of Melbourne.
Managing Directors Kris Cooper, Margaret Caldwell and Carson Good led the JLL team on the transaction.
“Grocery-anchored shopping centers such as Lake Washington Crossing continue to be in very strong demand from retail investors from around the country,” said Cooper.
Lake Washington Crossing is located at the intersection of Wickham Road and Lake Washington Road.
Sembler to introduce new developments at ICSC Florida
St. Petersburg, Fla. — The Sembler Company will introduce the newest additions to its portfolio as the company participates in the International Council of Shopping Centers’ Florida conference Aug. 24-26 in Kissimmee.
As part of a strategic shift back to traditional grocery-anchored shopping centers, Sembler recently inked deals on two Florida centers: North Port Center, Heron Creek, a grocery-anchored neighborhood center in North Port, Sarasota County, Florida; and The Shoppes at Trinity Lakes in Pasco County, Florida.
North Port Center will feature a 42,000-sq.-ft. grocery store accompanied by 4,800 sq. ft. of retail shop space and three outparcels. The year-long construction schedule will commence in second quarter 2015.
The Shoppes at Trinity Lakes includes a 45,000-sq.-ft. grocery store accompanied by 15,000 sq. ft. of retail shop space and three outparcels. The project is in partnership with Adam Smith Enterprises.
“We are actively seeking shopping center acquisitions throughout the southeast U.S. and Puerto Rico,” said Sembler CEO Ron Wheeler. “These two developments were perfect additions to our active pipeline, and we’re excited to move forward with adding value for both the tenants of the centers and the local communities.”
With nearly three million sq. ft. in various stages of ground-up development, Sembler’s development portfolio is as robust as it has been in several years, according to Wheeler.
That includes two major new developments in northern Alabama: Midtown MarketPlace, a 135,000-sq.-ft. neighborhood shopping center in the city of Madison; and Town Madison, an 800,000-sq.-ft. regional shopping center within a 300-acre development that local officials called a “game-changer” for the Madison-Huntsville market.