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Grocery-Anchored Retail Center Flips for Nearly $18M – Connect CRE

by | Feb 26, 2024 | 0 comments

A private equity fund sponsored by Forge Capital Partners and the Sembler Co. has acquired Palm Plaza, a grocery-anchored center in Leesburg. The Leesburg 133,419-square-foot Publix-anchored shopping center had a sales price of $17.8 million. A joint venture between Crosspoint and Long Wharf Capital was the sellers.

Colliers Brad Peterson and Whitaker Leonhardt represented the seller. The shopping center was 93 percent leased at the time the transaction closed.

The property was previously traded in 2022, when Crosspoint purchased it from Wallington Enterprises for $14 million, according to CommercialEdge data.

Built in 1960, the retail center 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. 

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