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Thursday, April 25, 2024

Publix-anchored Palm Plaza in Leesburg sells for $17.8 million

Colliers U.S. has arranged the sale of Palm Plaza, a 133,419-square-foot, 92 percent-occupied, high-performing Publix-anchored shopping center, for $17.8 million. This prominent retail destination is located at 715 N. 14th St. in Leesburg which averages a daily traffic count of 29,500 cars per day. 

Brad Peterson, Whitaker Leonhardt and Tommy Isola of Colliers represented the seller, Crosspoint, in a joint venture with Long Wharf Capital. The buyer was Forge Real Estate Partners V, LP, a private equity fund jointly sponsored by Forge Capital Partners and The Sembler Company. 

Publix at Palm Plaza in Leesburg
Publix has anchored Palm Plaza in Leesburg since 1960.

“The sale of Palm Plaza validates the strong investor demand for well-located grocery-anchored community centers, specifically in outsized residential growth markets in the Southeast U.S., like Leesburg and nearby The Villages, which plans to double in size after closing on several thousand acres of new development land,” said Leonhardt. “Publix Supermarkets has the No. 1 market share in Florida and continues to be among the most preferred grocery anchors for investors. The seller managed the asset exceptionally well and positioned it for sale. Subsequently, we were able to identify a well-qualified and capable buyer that was familiar with the asset and trade area.”

Palm Plaza was originally built in 1960, with Publix as the anchor. It was substantially redeveloped in 2002 to accommodate their new store prototype. The property sits on 13.3 acres and, in addition to Publix, features category-leading national tenants, including Planet Fitness, Popeyes, Quest Diagnostics, Rent-A-Center, Firehouse Subs, Core Health, OneMain Financial, T-Mobile, and The UPS Store, along with a variety of regional and local tenants. 

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