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

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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