Phillips Edison Buys 100 KSF Retail Asset in Florida

In a transaction arranged by Transwestern, a Dallas-based group sold the two-story Winter Springs Town center, which is anchored by Publix.
Winter Springs Town Center, 1160 E. State Route 434 in Winter Springs, Fla.
Winter Springs Town Center, 1160 E. State Route 434 in Winter Springs, Fla.

Phillips Edison & Co. has bought a 115,767-square-foot retail plaza located at 1160 E. State Route 434 in Winter Springs, Fla. The Winter Springs Town Center is a two-story property anchored by Publix. Transwestern Managing Director John Bell represented the seller, a Dallas-based group.

“Winter Springs Town Center is a high-profile, institutional-quality retail asset situated within a fast-growing residential community,” said Bell in a prepared statement. “The shopping center is home to a solid existing tenant base, offering new ownership in-place income and long-term confidence provided by a burgeoning area.”

Strong Retail Market

Winter Springs is a growing, affluent community straddling the strong-performing E. Seminole and Casselberry retail markets. The surrounding infrastructure was recently renovated. State Route 434 and Tuskawilla Road are both easily accessible from the property.

“The asset serves as the de facto downtown for the community, and is a strong attraction for small and large tenants looking to tap into the growing community’s established and expanding residential demand for goods and services,” said David Wik, senior vice president of acquisitions at Phillips Edison & Co., in prepared remarks.

Other tenants include Zoo Health Club, Subway, UPS, Great Clips, GNC, Quest Diagnostics and Edward Jones.

Phillips Edison has been expanding its grocery-anchored portfolio, with its recent purchase of shopping centers near Orlando and Tempe, Ariz.

Image courtesy of Transwestern