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Friday, January 14, 2011

Commercial Real Estate Investors Buy Retail Shopping Centers


Daytona Beach, Florida - Net Lease Properties information this afternoon is on Florida Retail Shopping Centers being purchased. Cole Real Estate Investments (Cole) has purchased two Florida retail shopping centers in separate commercial real estate deals. The purchase price for these net lease properties is broken down as $31 million for Volusia Square and $16 Million for Breakfast Point Marketplace.

Volusia Square is located at 2455 W. International Speedway Blvd., in the Racing Capital of Daytona Beach, Florida. This Retail Shopping Center is in a popular location at W. International Speedway Boulevard and N. Williamson Boulevard. This Retail Shopping Center has net leased Tenants that include Home Depot, Toys "R" Us, Ross, TJ Maxx and HH Gregg among others. This net leased property adjacent to Daytona International Airport and Daytona International Speedway also has Hobby Lobby, Bealls Outlet and Pier 1 Imports. Retail Planning Corporation sold the net lease property for $31 million, but it is not known if a 1031 exchange was in play. Volusia Square is an approximately 228,139-square-foot retail shopping center that is currently 96% leased.

The entire NNN Commercial Real Estate purchase totaled $47 Million as Columbia Properties received $16 million for their net lease property. We are unaware if the Breakfast Point Marketplace Sellers were in a 1031 Exchange. The Breakfast Point Marketplace is a 97,931 square foot Retail Shopping Center. They have main anchor-tenants Publix and Office Depot at this community retail shopping center in Panama City Beach. Panama City Beach, in Bay County Florida, is one of world’s most beautiful beaches. The net lease property was built in 2009. The Retail Shopping Center is located at the northeast corner of Panama City Beach Parkway and Richard Jackson Boulevard.

This Publix Anchored Retail Shopping Center is a Class A property and is approximately 99% leased. Publix, the fastest growing employee owned supermarket chain in the United States, has over 650 stores in Florida. Publix SuperMarket won the highest rank among supermarkets in 2007. Publix was ranked one of the top ten companies on Forbes list of largest privately owned companies in 2006.

The Retail Shopping Center, Breakfast Point Marketplace is ideally located on U.S. Highway 98. This net leased property serves the area's rapidly growing residential community, explosive condo market, and approximately 7 million tourists visiting each year. The new Bay County International Airport recently opened and contains travel channels throughout the U.S., Europe and Asia. This Retail Shopping Center has High-end architecture and finishes that identifies this property as a high-end destination. This Retail Shopping Center caters to the middle to upper demographic, as Panama City Beach has become a sought after travel destination.

We have NNN Commercial Real Estate Buyers who like retail properties, and need 1031 Exchange property replacements. Contact Net Lease Properties to sell your net lease properties or purchase NNN Investment Property.


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