The sale of Crystal Beach Plaza to Phillips Edison-ARC Shopping Center REIT Inc., a public non-traded real estate investment trust that invests in retail real estate properties, was recently finalized.
Colliers International Tampa Bay closed the sale of the Publix-anchored retail center in Palm Harbor for $12.1 million.
The 59,015-square-foot center has an occupancy rate of 82.9 percent. Other tenants include Great Clips, Gulf Coast Nutrition Center and Quality Plus Cleaners.
Managing director of retail investment services Mike Milano, a certified commercial investment member and designee affiliated with the Appraisal Institute, and Ron Schultz, director of retail investment services of Colliers International Tampa Bay, represented the seller, Crystal Beach Plaza Investors LLC.
"Publix-anchored centers are by far the most active and sought after retail investment today," Schultz said. "Demand for quality retail properties is being fueled by an abundance of capital in the market seeking to purchase quality shopping centers."
The 5.95-acre site is at 2900 Alt. U.S. 19, Palm Harbor.
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