The buyer moved quickly when he saw the opportunity to purchase a Publix Super Market-anchored retail center in his backyard with upside opportunity and strong sales
New York (PRWEB) January 22, 2009
Cohen and Company, Inc. Real Estate (CCIRE), headquartered in New York, has announced the sale of Ormond Towne Square, a 234,045 square-foot shopping center in Ormond Beach, Fla., for approximately $20 million.
Michael Cleeman, senior managing director, and Rick Kaiser, senior executive director, of Cohen and Company represented buyer The Jaffe Corporation, a real estate investment and development company based in Ormond Beach, and the seller Developers Diversified Realty ("DDR"), a publicly traded REIT based in Beachwood, Ohio.
Located at 1458 W. Granada Blvd., the intersection of SR 40 and I-95, Ormond Towne Square is 95 percent leased. The property is anchored by a high sales volume Publix Super Market, Bealls, Ross Dress for Less and other national tenants including Dollar General, Dollar Tree, GNC and Jackson Hewitt.
"All parties, the buyer, seller and the Cohen and Company team, showed an incredible focus and ability in this difficult financial climate to be able to accomplish a transaction in today's market where new debt was required," said Cleeman. "And it was done in such a short time frame. The deal was closed in less than 55 days from contract signing."
This is Cleeman's eighth grocery anchored center that he has sold in Florida in the past few years.
"The buyer moved quickly when he saw the opportunity to purchase a Publix Super Market-anchored retail center in his backyard with upside opportunity and strong sales," added Cleeman. "The property will fit in very nicely with the buyer's portfolio of retail properties in the Ormond Beach area."
For additional information about this deal or any other properties for sale, contact Michael Cleeman or Rick Kaiser at 212-679-1222 or via email cleeman at cohenco dot com or kaiser at cohenco dot com.
CCIRE (http://www.cohenco.com), in conjunction with its Palm Beach Gardens, Fla. office, is among the leading full service brokerage firms specializing in shopping centers throughout the United States.