$29.8 million sale of grocery-anchored retail portfolio along Florida’s Atlantic coast closed by HFF
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $29.8 million sale of a three-property portfolio of grocery-anchored neighborhood shopping centers totaling 236,324 square feet in the coastal Florida communities of Melbourne, Rockledge and Cocoa.
HFF marketed the property on behalf of the seller, a joint venture between PMAT and an investment account managed by Hunt Investment Management. Phillips Edison Grocery Center REIT II purchased the portfolio.
The 90.6-percent leased portfolio consists of three high-performing grocery-anchored shopping centers at strategic points along the coast of Brevard County, including two Publix-anchored centers, Windover Square in Melbourne and Rockledge Square in Rockledge, and the Winn-Dixie-anchored Port St. John Plaza in Cocoa. The 81,516-square-foot Windover Square features a Publix anchor supported by national tenants Dollar Tree, Weight Watchers and Hair Cuttery. Situated on 10.3 acres at 2227 West New Haven Avenue, the center has frontage along Melbourne’s major commercial corridor. Rockledge Square is positioned on 10.75 acres at 1880 Highway 1 South, the main north-south thoroughfare of the Melbourne MSA. The 76,018-square-foot center includes Publix, Wuesthoff Health System, Firehouse Subs and Cricket Wireless. Port St. John Plaza is a 78,790-square-foot retail center consisting of two buildings located at 6217 US Highway 1. The 10.12-acre property features one of the top-performing Winn-Dixie’s in the region and is complemented by Planet Fitness, Papa John’s, H&R Block and Port St. John Pediatrics.
The HFF team representing the seller was led by managing director Luis Castillo, senior managing director Daniel Finkle and associate director Nat Scarmazzi.
“An opportunity to acquire a portfolio of high-volume grocery-anchored centers within an expanding market appealed to buyers,” Castillo said. “The seasoned history of the portfolio coupled with excellent positioning within the Melbourne MSA resulted in a highly competitive process.”
PMAT is a real estate development and investment firm focused on acquiring and redeveloping primarily value-add grocery anchored shopping centers across the Southeast, Sun Belt, Carolinas and Mid-Atlantic regions. The firm was founded in 2003 and is headed by Robert A. Whelan, a former chief financial officer of a NYSE-traded shopping center and multifamily REIT. For more information, visit www.pmat.net.
About Hunt Companies, Inc.
Hunt Investment Management has $6.6 billion in assets under management in private real estate equity funds and separate accounts invested across all property types in the U.S. and Europe. An SEC-registered investment advisor, the firm is a subsidiary of Hunt Companies, Inc. Founded in 1947, Hunt Companies, Inc. (Hunt) is today a holding company that invests in business focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investees include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. The platforms employ over 4,000 people and touch over $30 billion in assets. For additional information about Hunt, please visit: www.huntcompanies.com.
About Phillips Edison Grocery Center REIT II, Inc.
Phillips Edison Grocery Center REIT II, Inc. is a public non-traded real estate investment trust that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. As of November 5, 2015, the company owned and managed an institutional quality retail portfolio consisting of 44 grocery-anchored shopping centers totaling 5.3 million square feet of gross leasable area. For more information on the company, please visit the website at www.grocerycenterREIT2.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.