Publix-Anchored Shopping Center in Pinellas County Sells for $7.9M
9 Dec, 2010, Miami
Cushman & Wakefield's Southeast Capital Markets Group today announced the sale of Madeira Shopping Center, located in Pinellas County. Mark Gilbert, Executive Vice President, Adam Feinstein, Executive Director, Eric Williams, Senior Financial Analyst, and Mitchell Halpern, Financial Analyst, of Cushman & Wakefield's Miami office, marketed and executed the sale assignment.
The Cushman & Wakefield team sold Madeira Shopping Center on behalf of Madeira Beach CRP LLC, an affiliate of Ram Development Company of Palm Beach Gardens. The purchaser was Lakeland-based Publix Super Markets, Inc., Florida's dominant grocer based on market share. Publix is a long-term tenant of Madeira Shopping Center, operating a 39,667-square-foot store there that has been open for decades.
Originally developed in 1957 and substantially renovated in 1999, Madeira Shopping Center totals 80,167 square feet and features a strong tenant line-up led by Publix, Walgreen's and McDonald's. The property is located at the intersection of Duhme Road and the Welch Causeway (a/k/a Tom Stuart Causeway) in Madeira Beach.
"Madeira Shopping Center has been a strong and consistent performer for Ram Development Company," said Mr. Gilbert. "Ram decided to sell in order to take advantage of the strong demand in the market for high quality grocery-anchored centers. With its strong tenant mix and infill location in a barrier island community, the center received strong interest from a number of investors along with Publix, which was motivated by a desire to control its tenancy at the property where they might one day construct a new store."
"Publix' strategic decision to purchase the center provides the grocer with flexibility to complete a future expansion of the existing store or development of a prototype, free-standing Publix on the site," said Mr. Feinstein. "Publix' acquisition is a natural given the grocer's desire to maintain a dominant position in affluent trade areas such as Madeira Beach and incredibly deep financial resources."
In 2010, Cushman & Wakefield's Southeast Capital Markets Group has handled $1 billion of retail, office and industrial investment sale assignments. The Southeast Capital Markets Group is comprised of three regional teams, including Mark Gilbert and Adam Feinstein in Miami, Mike Davis in Tampa, and David Meline and Stewart Calhoun in Atlanta.
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