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South Florida

Publix-anchored center near Orlando fetches $12.3M

The Publix-anchored Sorrento Hills Village Shopping Center
The Publix-anchored Sorrento Hills Village Shopping Center

The real estate division of Tampa-based HCI Group Inc. paid $12.3 million for a Publix-anchored shopping center in Sorrento, a northern suburb of Orlando.

HCI’s real estate division Greenleaf Capital paid about $200 per square foot for the 61,400-square-foot Sorrento Hills Village Shopping Center, which opened last year. The property’s anchor tenant is a 45,600-square-foot Publix supermarket.

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The sale of the shopping center, which closed August 16, was a structured buyout prearranged as part of  $10.2 million construction loan from Greenleaf Capital to the property’s developer.

The developer repaid the construction loan concurrent with Greenleaf’s acquisition of the shopping center.

Greenleaf financed the $12.3 million acquisition with a $9 million term loan bearing an annual interest rate of 3.75 percent and paid the $3.3 million balance in cash.