New Save-A-Lot to Open Soon
Orlando, FL – November 4, 2011 – (RealEstateRama) — Washington Shores Plaza, a neighborhood shopping center with 45,370 rentable square feet, was purchased by CRP II – Washington Shores LLC for $1.8 million. CBRE marketed the REO asset for sale on behalf of Berkadia, the special servicer to the underlying bondholders.
“As the real estate market has become more distressed, more transactions are culminating through the foreclosure process. This transaction demonstrates the trend of distressed assets comprising a generous share of the investment activity in Florida,” said First Vice President Daniel Baker, with the CBRE Orlando office.
The purchasing entity is affiliated with Community Reinvestment Partners II, LP, a Tampa-based private equity fund sponsored by Forge Capital Partners and DeBartolo Development. They focus on acquiring properties in Community Redevelopment Areas (CRA). Over the past three years, they have invested over $180 million in similar properties throughout the Southeast U.S.
During the due diligence period, the purchaser secured a 22,500-square-foot lease with Save-A-Lot. The discount grocery store is anticipated to open before year end. Capital improvements are planned for the center to improve the exterior and complete deferred maintenance projects.
“By bringing in Save-A-Lot and carrying out the planned improvements, the center will likely see a dramatic increase in customer traffic. This will help bring additional users to the project. The surrounding neighborhood has been without a grocer for far too long and the reaction to Save-a-Lot has been extremely positive,” added Baker.
Washington Shores Plaza, located at 2100 Bruton Boulevard, was built in 1998. It is comprised of two, single-story retail buildings totaling 45,370 rentable square feet. Current tenants include Family Dollar, Domino’s, H&R Block and Metro PCS. The shopping center was 39.3% occupied at the time of closing, not inclusive of the new Save-A-Lot lease.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
