Real Estate
Publix-anchored Palm Plaza in Leesburg, Fla., sells for $17.8 million
Colliers U.S. has arranged the sale of Palm Plaza, a 133,419-square-foot, 92%-occupied, high-performing Publix-anchored shopping center.
Colliers U.S. has arranged the sale of Palm Plaza, a 133,419-square-foot, 92%-occupied, high-performing Publix-anchored shopping center, for $17.8 million. This prominent retail destination is located at 715 N. 14th St. in Leesburg, Fla., near The Villages, along U.S. Highway 27, which averages a daily traffic count of 29,500 cars per day.
Brad Peterson, Whitaker Leonhardt and Tommy Isola of Colliers represented the seller, Crosspoint, in a joint venture with Long Wharf Capital. The buyer was Forge Real Estate Partners V, LP, a private equity fund jointly sponsored by Forge Capital Partners and The Sembler Company.
“The sale of Palm Plaza validates the strong investor demand for well-located grocery-anchored community centers, specifically in outsized residential growth markets in the Southeast U.S., like Leesburg and nearby The Villages, which plans to double in size after closing on several thousand acres of new development land,” said Leonhardt. “Publix Supermarkets has the No. 1 market share in Florida and continues to be among the most preferred grocery anchors for investors. The seller managed the asset exceptionally well and positioned it for sale. Subsequently, we were able to identify a well-qualified and capable buyer that was familiar with the asset and trade area.”
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Palm Plaza was originally built in 1960, with Publix as the anchor. It was substantially redeveloped in 2002 to accommodate their new store prototype. The property sits on 13.3 acres and, in addition to Publix, features category-leading national tenants, including Planet Fitness, Popeyes, Quest Diagnostics, Rent-A-Center, Firehouse Subs, Core Health, OneMain Financial, T-Mobile, and The UPS Store, along with a variety of regional and local tenants.
Leesburg continues to be a major beneficiary of the booming residential growth surrounding The Villages, as well as the combination of nearby demand drivers, affordable cost of living and highly desirable amenities, including historic Downtown Leesburg, the beautiful Lake Harris and the enchanting Venetian Gardens Park.
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Media Contact:
Kasey Brennan
kasey@truebluecommunications.com
About Colliers
Colliers is a leading diversified professional services and investment management company. With operations in 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.3 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn
Crosspoint is a real estate investment, management, and development company with over four million SF of assets under management. Crosspoint invests primarily in retail properties in select markets across the east coast offering individuals, family offices, and institutional partners direct access to the best real estate opportunities. For more information, please visit www.crosspt.com
Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets. Since Long Wharf’s first fund in 2012, the team has invested $1.3 billion of equity in more than 80 investments across the U.S. with an aggregated gross cost of $4.0 billion. For further information, visit: www.longwharf.com.
About Forge Capital Partners
Forge Capital Partners is a diversified, commercial real estate investment and investment management company. The firm carries out its business strategy by sponsoring value-add retail real estate private equity funds. Since 2000, Forge and its principals have successfully sponsored real estate-oriented, closed-end private equity funds, and executed over $1 billion of retail and multifamily real estate transactions. Forge is headquartered in Tampa, Fla. For more information about Forge Capital Partners, please visit forgecapitalpartners.com
The Sembler Company is celebrating 60 years of creating retail real estate value. Sembler provides a full array of retail real estate services, including development and redevelopment, acquisition, property and asset management, leasing and other related services throughout the Southeastern United States and Puerto Rico. Sembler, headquartered in St. Petersburg, Florida, has developed more than 350 projects totaling 28 million square feet and currently leases and manages 8 million square feet. For more information, please visit sembler.com
