HFF closes $19.34 million sale of Pablo Plaza in Jacksonville Beach, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Pablo Plaza (top left photo), a 151,660-square-foot retail community center in Jacksonville Beach, Florida.

HFF managing director Brad Peterson  (middle right photo) marketed the property on behalf of the seller, Phillips Edison & Company.  Equity One, Inc. purchased Pablo Plaza for $19.34 million and assumed an existing CMBS loan.

Pablo Plaza is situated on a 12.2-acre site at

1822 3^rd Street South

(A1A) in the beaches area of Jacksonville, which is home to the Ponte Vedra Inn & Club and TPC Sawgrass.  Renovated in 2008, the property is 93% leased to tenants including HomeGoods, Marshalls, Office Depot and Panera Bread.

“Pablo Plaza attracted a significant level of interest from the investment community because of the high-quality anchor tenants and the outstanding demographics and barriers to entry surrounding the property.  Assets of this caliber rarely come to market,” said Peterson.

Phillips Edison & Company owns and manages more than 26 million square feet of neighborhood shopping centers across the country. Phillips Edison & Company specializes in the acquisition, redevelopment, leasing, and management of anchored neighborhood and community shopping centers.

The company owns and manages 240 properties, totaling over 26 million square feet in 35 states. The privately owned, fully integrated real estate company has corporate offices in Cincinnati and Salt Lake City, as well as regional offices across the country.

Equity One is a fully integrated real estate investment trust specializing in the acquisition, asset management, development and redevelopment of quality retail properties located in strategic metropolitan areas across the United States.

These centers are anchored by leading supermarkets, pharmacies and retail store chains.  As of June 30, 2010, Equity One owned or had interests in 185 properties, consisting of 171 shopping centers comprising approximately 19.2 million square feet, three projects in development/redevelopment, six non-retail properties, and five parcels of land. Additionally, Equity One had joint venture interests in twelve shopping centers and one office building totaling approximately 1.9 million square feet.

Contacts:        

 Brad Peterson, Hff Managing Director, (305) 448-1333, bpeterson@hfflp.com

Kristin Murphy, HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com