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Northpath Investments Acquires $10M Winn-Dixie Anchored Center in Daytona Beach
Northpath Investments has acquired the Holly Hill Plaza shopping center in Daytona Beach, FL for $10.3 million. The 87% occupied, 116,096-square-foot complex is anchored by Winn-Dixie Supermarket as well as other national retailers such as Rent-A-Center, The Hertz Corporation, T-Mobile and Goodwill.
Michael Cleeman represented the seller, a local company that owned the property for many years.
Winn-Dixie, a subsidiary of Southeastern Grocers, recently executed a long-term extension and is remodeling their store as part of the agreement. Northpath will be replacing the parking lot as part of its’ value-add strategy for the center in conjunction with Winn-Dixie’s store remodel.
“We are bullish on the Florida market and are looking to expand our portfolio in the region,” said Gershon Alexander, principal of Northpath. “This shopping center presented us an opportunity to enter the market through an asset class that we are very familiar with and know how to maximize value. We believe this center has a lot of upside as well as the Florida market in general.”
- ◦Sale/Acquisition
