{"id":1004702671,"date":"2024-02-16T09:23:02","date_gmt":"2024-02-16T17:23:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004702671"},"modified":"2024-02-16T09:23:04","modified_gmt":"2024-02-16T17:23:04","slug":"crosspoint-jv-sells-publix-anchored-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crosspoint-jv-sells-publix-anchored-shopping-center\/","title":{"rendered":"Crosspoint JV Sells Publix-Anchored Shopping Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a27ae956f08d&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"4797\" height=\"3600\" data-attachment-id=\"1004702676\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/crosspoint-jv-sells-publix-anchored-shopping-center\/ifb-23-244-058\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/IFB-23-244-058-e1708092151124.jpg\" data-orig-size=\"4797,3600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;13&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark IV&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1692462382&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;16&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.001&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Palm Plaza\" data-image-description=\"&lt;p&gt;Palm Plaza spans over some 13 acres. Image courtesy of Colliers&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Palm Plaza spans over some 13 acres. Image courtesy of Colliers&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/IFB-23-244-058-e1708092151124.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/IFB-23-244-058-e1708092151124.jpg\" alt=\"Palm Plaza spans over some 13 acres. Image courtesy of Colliers\" class=\"wp-image-1004702676\" style=\"width:350px\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Public has been anchoring Palm Plaza since the property&#8217;s completion. <em>Image courtesy of Colliers<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Forge Real Estate Partners V<\/strong>, a private equity fund jointly sponsored by <strong>Forge Capital Partners<\/strong> and <strong>The Sembler Co<\/strong>., has purchased Palm Plaza, a 133,419-square-foot Publix-anchored shopping center in Leesburg, Fla. The joint venture between<strong> Crosspoint<\/strong> and <strong>Long Wharf Capital<\/strong> sold the asset for $17.8 million.<\/p>\n\n\n\n<p><strong>Colliers<\/strong> Vice Chair Brad Peterson, Senior Vice President Whitaker Leonhardt and Associate Tommy Isola represented the seller. The shopping center was 93 percent leased at the time the transaction closed.<\/p>\n\n\n\n<p>The property previously traded in 2022, when Crosspoint purchased it from <strong>Wallington Enterprises<\/strong> for $14 million, according to CommercialEdge data.<\/p>\n\n\n\n<p>Built in 1960, the <a href=\"https:\/\/www.commercialsearch.com\/news\/what-lies-ahead-for-retail-in-2024\/\">retail center<\/a> underwent a cosmetic renovation in 2002. Publix has been anchoring the property since it came online; the tenant roster also includes a diverse mix of national and regional retailers such as Planet Fitness, Popeyes, Quest Diagnostics, Rent-A-Center, Firehouse Subs, Core Health, OneMain Financial, T-Mobile and The UPS Store. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-strong-demand-for-grocery-anchored-retail\">Strong demand for grocery-anchored retail<\/h2>\n\n\n\n<p>The sale of Palm Plaza highlights the investor demand for well-located grocery-anchored shopping centers, specifically in outsized residential growth markets in the Southeast U.S., Leonhardt said in a prepared remark. Grocery-anchored <a href=\"https:\/\/www.commercialsearch.com\/news\/retails-return-is-the-sector-2024s-sleeper-hit\/\">retail center performed well<\/a> both during and after the COVID-19 pandemic.<\/p>\n\n\n\n<p>Orlando\u2019s retail inventory gained 1.8 million square feet by the end of last year, according to a <strong>Marcus &amp; Millichap<\/strong> fourth quarter 2023 report, the greatest growth since 2017. Meanwhile, the vacancy rate reached 4.5 percent at the end of December; however, the value was 140 basis points below the trailing 16-year average.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colliers brokered the sale of the 133,419-square-foot property.<\/p>\n","protected":false},"author":3014,"featured_media":1004702676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,1493,21749,32781],"tags":[35498,35991,34931,34836],"class_list":["post-1004702671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-orlando","category-retail","category-southeast","tag-colliers","tag-forge-capital-partners","tag-long-wharf-capital","tag-marcus-millichap"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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