Birmingham, Alabama-based commercial real estate firm Shannon Waltchack (SW) has recently acquired a fully-leased retail center in South Florida for $20.4 million. The 74,000-square-foot Tequesta Village Square was built in 1957 and was sold by Russel Properties for $12.5 million just two years ago.
The acquisition of Tequesta Village Square is part of SW’s strategy to purchase retail centers without main anchors, as stated by Waltchack himself. These shopping centers are filled with service-oriented tenants such as hair salons, nail studios, physical therapists and restaurants – businesses that cannot be easily replaced by online alternatives.
Waltchack further explains that the durability of these mom-and-pop tenants lies in the fact that their livelihood depends on providing services that require a physical presence rather than relying solely on internet sales.
Financing for this deal was provided by Service First Bank at an average price of $275 per square foot.
