Jensen Beach, FL – August 19, 2014 – (RealEstateRama) — CBRE arranged the sale of Marketplace Square, a 173,292-square-foot retail center at 3255 NW Federal Highway in Jensen Beach, Florida. Leon Capital Group acquired the property from Kimco Realty Corp. for $17.3 million. CBRE represented the seller in the transaction.
“The sale was consistent with Kimco’s strategy to focus on owning properties in major markets,” said Dennis Carson, Senior Vice President with CBRE’s National Retail Investment Group. “The buyer was attracted to Marketplace Square’s location directly opposite a quality mall and the property’s potential to generate income growth through the eventual lease-up of available space.”
Marketplace Square was completed in 1989 and is anchored by Hobby Lobby. The property is 73 percent leased to 20 tenants, including single-tenant outparcels leased to Bank of America, KFC and Sonic. It is located at the southeastern corner of U.S. 1 and Jensen Beach Boulevard, directly opposite the Treasure Coast Square Mall, and was offered on a free and clear basis.
CBRE’s Dennis Carson and Casey Rosen represented Kimco Realty Corporation in the transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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