News release

Tampa-area retail center with Winn-Dixie anchor trades for $9.2M

JLL Capital Markets closed the sale of Sunrise Plaza in Brooksville, Florida

February 15, 2022

Kimberly Steele

Industries, Work Dynamics and PDS PR
+1 713 852 3420

ORLANDO, Feb. 15, 2022 – JLL Capital Markets announced today that it has closed the $9.2 million sale of Sunrise Plaza, an 86,815-square-foot shopping center anchored by a high-performing Winn-Dixie in the Tampa-area community of Brooksville, Florida.

JLL marketed the property on behalf of the seller, ProVest Properties, LLC. An affiliate of Long Island-based Island Associates Real Estate acquired the asset.

Sunrise Plaza is anchored by Winn-Dixie, one of the largest supermarket chains in the Southeast. Constructed in 1991 and most recently renovated in 2021, the 90-percent-leased center is also home to a mix of national and local tenants, including Anytime Fitness, Winn-Dixie Liquor, Beef 'O' Brady's, Access Care Health Physicians and River Ridge Animal Clinic.

With the nearest competitive grocery store more than 10 miles from Sunrise Plaza, the property is also the only anchored retail destination near the high-traffic intersection of Interstate 75 and Cortez Boulevard (SR 50), the primary east-west roadway in the region, which sees a combined 73,000 vehicles per day. The center is at 31070-31188 Cortez Blvd. on the “going home” side of the road in Brooksville, which is 40 miles north of downtown Tampa. The property serves an extended trade area that includes 25,490 residents earning an average annual household income of $63,028 living within a seven-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Brad Peterson and Senior Director Whitaker Leonhardt.

“Sunrise Plaza recently underwent an extensive renovation in 2021, which included a complete remodel of the highly successful Winn-Dixie grocery store, as well as capital improvement projects to the roof, parking lot, lighting and landscaping of the shopping center,” Leonhardt said. “These improvements coincide with the road widening of Cortez Boulevard and the recent expansion of I-75 by the Florida Department of Transportation. 

“These considerable improvements and capital investments are a clear sign of the booming growth of Brooksville, which offers residents a tremendous quality of life and cost of living alternative to those working in and around the Tampa Bay region,” he added. “Investors continue to seek out shopping center acquisition opportunities in central Florida.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About ProVest Properties, LLC

ProVest Properties LLC was formed in in 2021 by Charles Vita to actively source, evaluate and invest in stabilized centers leased predominantly to national and regional credit tenants thereby affording stable, excellent tax advantaged returns to its investors.

About Island Associates Real Estate

Island Associates Real Estate (Island) is a boutique commercial real estate firm concentrating in brokering, managing, developing and ownership of commercial real estate. Based in Long Island, New York, Island is involved in transactions from New England to Florida and assists clients in finding stable assets that fit each client’s unique requirements. Island concentrates in investments in retail, multifamily and industrial properties and has been successfully investing and assisting clients for 30+ years.