HFF Closes $8.1M Sale of Island Estates Plaza to Publix
- Oct 22, 2011
Earlier today, Holliday Fenoglio Fowler L.P. announced the successful sale of the Island Estates Plaza in Clearwater Beach; the buyer, Publix Super Markets Inc., purchased the asset for $8.1 million free and clear of debt.
Located at 130 Island Way in the Island Estates neighborhood, the 50,046-square-foot, grocery-anchored center is fully leased to tenants including Publix, Bank of America, Wells Fargo and The UPS Store. Spreading over 4.2 acres, the Island Estates Plaza is situated along the Clearwater Memorial Causeway, between downtown Clearwater and the Island of Clearwater Beach.
“Barrier-island, grocery-anchored retail center investment opportunities are rarely available in Florida, and the opportunity to acquire this fully leased shopping center made Island Estates Plaza a highly sought
after investment,” said HFF director Luis Castillo. “Island Estates has a long history of success that will undoubtedly continue under its new ownership.” Castillo represented seller DAM Clearwater L.L.C., an entity wholly owned by David A. Mack Properties L.L.C., along with HFF managing director Daniel Finkle and real estate analyst Robert Saracco.
Publix Super Markets, founded in 1930, is the largest and fastest-growing employee-owned supermarket chain in the United States.