“Nearly $18M Grocery-Anchored Retail Center Flip”

"Nearly $18M Grocery-Anchored Retail Center Flip"

A private equity fund, sponsored by Forge Capital Partners and the Sembler Co., has recently acquired Palm Plaza in Leesburg. This 133,419-square-foot shopping center is anchored by Publix and was sold for $17.8 million. The sellers were a joint venture between Crosspoint and Long Wharf Capital.

The seller was represented by Colliers’ Brad Peterson and Whitaker Leonhardt. At the time of sale, the shopping center had a 93% occupancy rate.

According to CommercialEdge data, this property was previously traded in 2022 when Crosspoint purchased it from Wallington Enterprises for $14 million.

Built in 1960 with a cosmetic renovation done in 2002, this retail center boasts an impressive tenant roster including national brands like Planet Fitness, Popeyes, Quest Diagnostics as well as regional retailers such as Rent-A-Center and Firehouse Subs among others.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

Share the Post:

Related Posts