Collier Commons Shopping Center Sold to Publix for $28M
26 May, 2011, Jacksonville, FL
The Capital Markets Group of Cushman & Wakefield of Florida, Inc. (C&W) announced the sale of Collier Commons Shopping Center, located at the intersection of State Road 54 and Collier Parkway in Land O' Lakes, Florida.
The 187,132 square foot grocery and department store-anchored community shopping center was bought by Lakeland-based Publix Supermarkets in a $28 million deal which closed on May 25. C&W Senior Directors Karl Johnston and Patrick Berman represented the seller, Collier Commons of Pasco LLC and Publix was self-represented.
"Collier Commons is one of the premier Class A Publix-anchored shopping centers in the Tampa area," said Johnston, Senior Director with the Jacksonville office of C&W. "With its strong tenant mix and location, the center received a large amount of investor interest, along with Publix," said Johnston.
"There will always be good investor demand for solid, grocery-anchored community shopping centers, as they are viewed as recession proof because they cater to the everyday needs of consumers," said Johnston. "Collier Commons has been a strong performing center and will continue to be for the foreseeable future given its strong anchor tenancy, sales volume, limited competition, and premier location."
Originally developed in 2003 & 2005, Collier Commons was 100% leased at the time of sale. Anchored by a 60,667 square foot Publix, and a 66,355 square foot Belk, Collier Commons features a high-quality roster of shop tenants including Walgreens, Chili's and Verizon.