Principals of CREC diversified from their usual turnaround strategy by acquiring a fully occupied strip shopping center in Tallahassee for $15.9 million.
The deal was an “opportunity to diversify our investment criteria and acquire highly stable property with strong in-place cash flow,” CREC chairman and co-founder Warren Weiser said in a press release. “We remain committed to chasing value-add deals.”
The CREC principals bought the 92,229-square-foot Killearn Shopping Center at 3479 Thomasville Road in Tallahassee for about $172 per square foot.
Hobby Lobby, CVS and Bonefish Grill are anchor tenants at the shopping center, located northeast of Florida State University amid golf courses, country clubs and gated communities.
In addition to Bonefish Grill, the Killearn Shopping Center has restaurants operated by Five Guys, Firehouse Subs, Hungry Howie’s and Moe’s Southwest Grill.
Weiser, Alan Esquenazi and Andrew Remick led the $15.9 million transaction on behalf of the CREC principals.
Carson Good and Tarik Bateh of brokerage firm JLL represented the seller, DDR and Madison International Realty. – Mike Seemuth