Retail

JACKSONVILLE, FLA. AND MURFREESBORO, TENN. — Hines, an international real estate investment firm based in Houston, has acquired two retail centers in Tennessee and Florida through Hines Global REIT. The centers include The Markets at Town Center in Jacksonville and The Avenue Murfreesboro in Murfreesboro. The Markets at Town Center is a nine-building, 317,415-square-foot, upscale retail center that Hines purchased from Pinehill Investment Co. The Markets at Town Center is part of the St. Johns Town Center master-planned development and is 93 percent leased to tenants such as Toys R' Us, Nordstrom Rack, West Marine, REI, Best Buy and Gold Galaxy. Hines has retained Genesis Real Estate Advisers LLC as the property manager. The Avenue Murfreesboro is a 10-building, 747,497-square-foot center that Hines purchased from Faison & Associates and Cousins Properties. The center is 89 percent leased to 93 tenants including Belk, Dick's Sporting Goods, Haverty's, Barnes & Noble, Bed Bath & Beyond and Michael's. David Hocker & Associates will manage the center on behalf of Hines.

PALM HARBOR, FLA. — Colliers International has arranged the $8.4 million sale of the Commons at Twin Lakes, located at 31958 U.S. Highway 19 N. in Palm Harbor. Outback Steakhouse anchors the 53,000-square-foot retail center, which features tenants such as Massimo's Eclectic Fine Dining, North Pinellas Children's Medical Center and Select Medical Rehab. The property is 98 percent leased. Mike Milano and Ron Schultz of Colliers International's Tampa Bay office represented the seller, Commons at Twin Lakes LLC, in the transaction. Jim Michalak of Plaza Advisors Inc. represented the buyer, Realty Financial Corp.