Northtpath Investments acquires grocer anchored shopping center in Daytona Beach, Florida for $10.3 million
NEW YORK, Feb. 02, 2022 (GLOBE NEWSWIRE) — Northpath Investments is pleased to announce the $10.3 million acquisition of Holly Hill Plaza shopping center in Daytona Beach, Florida. The 87% occupied, 116,096 square foot shopping center is anchored by Winn Dixie Supermarket as well as other national retailers in the center such as Rent-A-Center, The Hertz Corporation, T-Mobile & Goodwill.
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. 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.” said Gershon Alexander, Principal of Northpath.
Michael Cleeman represented the seller, a local company that owned the property for many years.
About Northpath Investments
Northpath seeks to acquire retail, industrial, and office properties in primary and secondary markets with value-add potential through lease-up, expansion, renovation and redevelopment. Northpath focuses on markets within the Northeast and Mid-Atlantic, targeting areas with attractive population density and income levels. Northpath sources favorable financing terms to generate superior risk-adjusted returns. Please feel free to contact us if you would like to submit a property you think would fit our criteria here: https://northpathinvestments.com/contact/