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Grocery store REIT scoops up Publix-anchored shopping plaza in St. Cloud

Multiple buyers drove up the sale price for the Publix-anchored Crosscreek Village Plaza in St. Cloud to $12.3 million.
Multiple buyers drove up the sale price for the Publix-anchored Crosscreek Village Plaza in St. Cloud to $12.3 million.(Osceola County)

A Cincinnati-based grocery store REIT paid $12.3 million on May 20 for a Publix-anchored shopping center in St. Cloud.

The Phillips Edison & Company affiliate bought Crosscreek Village Station shopping center, located at the southwest corner of Canoe Creek and Old Canoe Creek roads. The plaza, built in 2008 by Sembler, features a 48,818-square-foot Publix grocery store, plus another 22,582 square feet of retail space.

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Not included in the sale were improved outparcels that house a Walgreens, McDonalds and KFC/Taco Bell.

Phillips Edison has two public, non-traded grocery store REITs that currently own hundreds of retail assets across the country, and nearly 50 in Florida. ChampionsGate Village and MetroWest Village, both acquired in 2014, are among the trust's Orlando assets.

Earlier this year, Phillips Edison announced a $250 million joint venture between the Grocery REIT II and TPG Real Estate with plans to buy six shopping centers. The first three acquisitions in Texas, California and Georgia were announced on the company's website this month.

Cushman & Wakefield Retail Investment Advisors out of Miami brokered the St. Cloud deal. In an interview Wednesday, Executive Director Adam Feinstein said Crosscreek Village was a good fit for Phillips Edison "because it's a stable property, is fully leased and is in a growing area."

C&W did not include a suggested list price in its offering, but Feinstein said Sembler was very pleased with the $12.3 million sale price. "Other buyers were pursuing this property," he said.

He said Publix Corporate is the no. 1 buyer of Publix-anchored neighborhood shopping centers in the country -- and Phillips Edison is no. 2. His team has sold at least five other Publix-anchored centers to the REIT.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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