A Miami-based firm bought a shopping center in Tallahassee for $7.25 million.
Miami-based Highline Real Estate Capital acquired the Capital West Shopping Center for about $82 per square foot.
Highline intends to upgrade the shopping center’s appearance through facade and parking-lot improvements.
“Investors’ fear of the entire retail segment is creating outstanding opportunities to acquire well located, e-commerce resilient properties at extremely attractive terms,” Moret said in a prepared statement.
Tenants at the Capital West Shopping Center include Ross Dress for Less and other discount retailers with an average tenure of 15 years at the property. It also draws shoppers from a nearby Walmart Superstore.
Chris Lentz and Jason Hochman of the Equity, Debt and Structured Finance group at Cushman & Wakefield arranged mortgage financing from Starwood Mortgage Capital for Highline.
Cushman & Wakefield’s Mark Gilbert, Adam Feinstein, Michell Halpern and Azam Malik represented publicly held DDR Corp. in its sale of the shopping center. – Mike Seemuth