Forge Capital Sells Two Publix-Anchored Shopping Centers in Florida
ST. PETERSBURG AND WEST PALM BEACH, FLA. — Forge Capital Partners has sold Disston Plaza, a 129,150-square-foot shopping center in St. Petersburg, and Polo Grounds Mall, a 130,015-square-foot shopping center in West Palm Beach. New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities, acquired both properties, which are both anchored by Publix. Disston Plaza was built in 1954 and renovated in 2018. The property was 97 percent leased at the time of sale to tenants including Bealls Outlet, Dollar Tree, Suncoast Resale Shoppe, Anytime Fitness, Subway, Little Italy, Great Clips and Greenberg Dental. The property is situated at 3501 49th St. N., 20 miles southwest of downtown Tampa. Completed in 1966 and renovated in 2007, Polo Grounds Mall’s tenant roster includes Bealls Outlet, Rainbow, Medical Consultants of Florida, United States Postal Service, Chase Bank, Wing Stop and Papa Johns. Luis Castillo, Daniel Finkle and Eric Williams of HFF represented the seller in both sale transactions. Ed Coco, Matt Casey, Greg Gaughan, Libby Malloy and Maxx Carney of HFF arranged acquisition financing for each property through Thrivent Financial on behalf of the buyer. Both acquisition loans are structured with fixed interest rates and 15-year terms. The sales prices were not disclosed.