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Jun. 7, 2013

One Publix-Anchored Shopping Center Trades Hands

By Georgiana Mihaila, Associate Editor

As Gold Krown LLC recently sold its 147,417-square-foot Publix-anchored shopping center in Vero Beach, developer Stiles has broken ground on a $35 million Publix grocery store-anchored retail shopping center in Hollywood, Fla.

South Vero Square traded this week in a $7.8 million deal, with David Donnellan, Todd Weintraub, Casey Rosen and Dennis Carson of CBRE representing seller Vero Beach Shopping Center Associates Limited Partnership, a Florida-based investor managed by Gold Krow. Indian River Holdings LLC is the new owner of the neighborhood shopping center located at the intersection of U.S. Highway 1 and Oslo Road (9th Street SW).

Built in 1989, the shopping center is anchored by a 42,112-square-foot Publix grocery store and was 61.5 percent occupied at the time of the sale, with a 35,244-square-foot vacant anchor space. South Vero Square has three outparcels occupied by Wendy’s, McDonald’s and Seacoast National Bank, which were not included in the sale.

Yet a new Publix-anchored retail center is now underway on the corner of Sheridan Street and S. Federal Highway at 1700 Sheridan St. in Hollywood. According to Stiles President Doug Eagon, West Lake Commons is planned to initiate the renewal one of Hollywood’s most visible commercial and residential areas, trafficked by more than 50,000 cars per day. The project will bring several quality retailers alongside Publix to bear, including Pollo Tropical and Starbucks.

“This is a proud moment for Stiles, our partners and lenders, as well as the city of Hollywood,” said Eagon. “This groundbreaking represents the redevelopment of a highly visible area in Hollywood, which will create value for the city and provide an urban pedestrian experience for the local community.”

West Lake Commons will be a transformation of the former Hollywood Lincoln Mercury Dealership, which is situated on a 14-acre site that serves as a gateway into the city. The project will be anchored by a 54,000-square-foot Publix, which will feature an expanded gourmet selection and liquor store. Overall, the project will encompass 26,000 square feet of inline retail space and up to 20,000 square feet of out parcels. Completion is expected second quarter 2014.

Image courtesy of Stiles

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