Acadia Realty Trust Acquires FL Retail Center
- May 23, 2019
Acadia Realty Trust has acquired Palm Coast Landing, a 171,352-square-foot retail center in Palm Coast, Fla. Per Flagler County records, Kite Realty Group Trust sold the asset for $36.8 million, with HFF assisting the seller. The shopping mall previously changed hands in late 2011, when Inland Diversified Real Estate Trust purchased it for $40 million, according to the Jacksonville Business Journal.
Situated on 21.3 acres at 5200 E. Highway 100, Palm Coast Landing is roughly 29 miles north of Daytona Beach, Fla., close to Interstate 95, with Flagler County Airport 7 miles south of the property. The mall is part of Town Center at Palm Coast, a 1.6-acre development of regional impact near the geographic center of the city and a recently designated opportunity zone.
Consisting of six buildings completed in 2008, Palm Coast Landing is the largest shopping center in Flagler County. At the time of the sale, the retail asset was 96.9 percent leased, with tenants including Ross Dress for Less, T.J. Maxx, Michaels, PetSmart, Ulta Beauty, Dollar Tree and Super Target.
HFF Senior Managing Director Brad Peterson, Senior Managing Director & Co-Head of HFF’s retail practice Daniel Finkle, Senior Director Whitaker Leonhardt and Associate Ryan Stoffer were part of the team that worked on behalf of the seller. Peterson and Leonhardt were also involved in the disposition of a Tampa retail center in February.