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Cobalt Real Estate Solutions Spends $19M for Gainesville Retail Complex
Cobalt Real Estate Solutions, a fully integrated affiliate of Divaris Real Estate, Inc., has acquired Gainesville Plaza in Gainesville, FL for $19.1 million. JLL brokered the transaction on behalf of the sellers, Wicker Park Capital Management and Riverstone Capital Group.
Constructed in 1971, this 165,705 square-foot retail center was renovated in 2015 and is currently expanding with the addition of a new two-tenant outparcel pad that has been preleased to Firehouse Subs and Tropical Smoothie Café. Burlington, Ross, Hibbett Sports, five below, Second and Charles and Save-A-Lot currently anchor the center.
“We’re thrilled to add Gainesville Plaza to the fast-growing portfolio of Cobalt Real Estate Solutions,” said Gerald Divaris, chairman of Cobalt. “Given the property’s unique mix of tenants, its proximity to the University of Florida, the area’s excellent demographics and high projected rate of future growth, we feel that this addition presents an excellent value-add opportunity.”
- ◦Sale/Acquisition
