ATLANTA (January 29, 2015) – The SRS Southeast Investment Sales team has brokered the sale of a 61,333-square-foot neighborhood shopping center in St. Cloud, Fla. The property is located at 3318 Canoe Creek Road, which is situated just north of the intersection of Canoe Creek Road and Old Canoe Creek Road. The property, which is anchored by Winn-Dixie, was sold for $7.7million. The seller, Miller Group Development, sold the property to Canoe Creek, SC, LLC, an affiliate of Tricon Development, on January 9, 2015.
“With assumable financing well above market rates, a large portion of the buyer pool had a difficult time underwriting the opportunity within the requirements of their investment parameters and return needs.” said Kyle Stonis, senior vice president of the SRS Southeast Investment Sales tea. “The buyers we secured were able to get their arms around the potential upside in the asset and make it work in spite of the debt.”
Kyle Stonis, senior vice president, and Pierce Mayson, vice president, in the SRS Atlanta and Orlando offices represented the seller, Miller Group Development, in the transaction. The buyer did not have representation in this transaction.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, investment services and management services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
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