Florida

PORT ST. LUCIE, FLA. — A joint venture between PEBB Enterprises and Banyan Development has sold The Shoppes at the Heart of Tradition, a 71,000-square-foot shopping center located within the master-planned community of Tradition in Port St. Lucie, for $32 million. One Investment Group represented the buyer, an entity doing business as 4Y Plaza LLC, in the transaction. The center — which was completed in 2024 — is anchored by Aldi. Additional tenants include Papa John’s Pizza, Carmela Coffee, Kyle G’s Amore Italian Chophouse, Spanish restaurant Port Tradition, Tomalty Dental, Peach Cobbler Factory, Picasso Nails & Spa, Rita’s Italian Ice & Frozen Custard and Swift Mediterranean Grill. Tradition, which opened in 2003, spans approximately 8,300 acres and features a variety of residential, retail and commercial spaces. PEBB Enterprises and Banyan Development are also developing Shoppes at Southern Grove within Tradition, which will include a 14.2-acre retail development with additional outparcels available for ground lease.

OCALA, FLA. — Marcus & Millichap’s Taylor-McMinn Retail Group in Atlanta has arranged the $4.5 million sale of a single-tenant retail property located at 30 Bahia Ave. in Ocala, about 72 miles north of Orlando and 48 miles south of Gainesville, Fla. Built in 2024, the 6,723-square-foot building was occupied by automotive services provider Firestone on a 15-year triple-net lease at the time of sale. Firestone is a subsidiary of Bridgestone Retail Operations LLC with more than 1,700 tire and car care locations nationwide. Don McMinn of Taylor-McMinn Retail Group represented the seller, an undisclosed, Georgia-based development firm, in the transaction. The buyer was not disclosed. Ryan Nee served as Marcus & Millichap’s broker of record in Florida for the deal. “New construction Firestone properties continue to achieve aggressive pricing, fueled by strong credit, limited inventory and growing demand from an expanding pool of 1031 exchange buyers,” says McMinn.