Illinois Investor Takes Over Mall with High Occupancy
- Aug 19, 2015
A new owner has emerged for an almost completely leased shopping center in Largo, FL. Barclay Square is a 99,054-square-foot grocery-anchored shopping mall that has recently changed hands in an $18.9 million deal. Pine Tree Commercial Realty of Northbrook, IL acquired the property from Palm Beach-based Sterling Organization. Adam Feinstein of Cushman & Wakefield was the exclusive broker who represented the seller in the disposition.
Located on the corner of Walsingham Road and Indian Rocks Road, one mile east of the Gulf of Mexico, Barclay Square is anchored by a 42,018-square-foot Walmart Neighborhood Market. The building was originally constructed in 1988 and underwent a renovation in 2008. Sterling’s institutional fund, Sterling Value Add Partners (SVAP) acquired the property on August 30, 2012 for $10.8 million. At the time of sale, the occupancy of the center was approximately 80 percent, which Sterling increased to today’s 98 percent.
Pine Tree is a commercial real estate company involved in the acquisition, development, leasing, and management of necessity-based retail properties throughout the United States. With more than 75 shopping centers acquired and developed since its foundation in 1995, the company’s current portfolio includes 16 properties in 12 states.
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