Acquisition of Prosperity Village and Fountains West adds two Publix anchored properties to the company’s portfolio of well-located grocery anchored shopping centers
Westwood Financial LLC, a leading retail real estate investment firm, announced the completion of its acquisition of Prosperity Village Square and Fountains West, two Publix-anchored shopping centers. Both properties are located in two of the company’s target growth markets in the southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte, North Carolina. Fountains West is a neighborhood center located in the growing city of Ocoee, 20 minutes west of Orlando, Florida. The company acquired the assets in a single transaction with one seller. CBRE acted as lead broker on the deal.
“The strength of the grocer, each center’s complimentary roster of shop tenants and the projected residential growth in both communities were the attributes that got our team excited about both properties,” commented Eric Shulman, VP of Transactions for Westwood. “The pandemic underscored the importance of the grocery store in our society. In an evolving retail environment, we believe the best run grocers will be the ones that thrive in a post pandemic world.”
The purchase of the two properties was completed on March 25th, 2021 with a private seller. The Company financed Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand.
The newly acquired properties are anchored by leading grocer, Publix. In both locations, Publix had strong sales and low cost of occupancy. Additionally, the centers boasted rent rolls with service-oriented shop tenants that withstood the test of the COVID-19 pandemic. Prosperity Village was 96% occupied at closing while Fountains West was 100% occupied and experienced little turnover during 2020. Both shopping centers are located in markets with substantial residential development scheduled to come online over the next year and poised for growth in the near to mid-term.
Mark Bratt, CEO of Westwood added, “Westwood has proven to be a leader in acquiring, operating, and managing grocery-anchored real estate for over 50 years. The pandemic highlighted the stability of our portfolio and its performance during this time is attributable to the hard work of our organization as a whole. Our team’s most recent acquisitions fit the long-term strategy of the firm moving forward – to systematically upgrade the existing portfolio with high-quality grocers, located in target growth markets, for the ultimate benefit of our investors. We have the upmost confidence in Publix as an operator. They offer a unique shopping experience that resonates with customers and will fast-track their continued growth moving forward.”