Saul Centers picks up Florida retail space

Saul Centers Inc., an equity real estate investment trust, acquired two Publix grocery-anchored shopping centers totaling 243,100 square feet in Florida.

The total value of the transactions was approximately $40.7 million.

The company acquired the 96,400-square-foot Jamestown Place, located in Altamonte Springs, a suburb of metropolitan Orlando, for $14.8 million. Jamestown Place, which was constructed in 1986, was 96.4 percent leased at the time of sale and is anchored by a 55,000-square-foot Publix supermarket.

The company also acquired Seabreeze Plaza, a Publix-anchored shopping center in Palm Harbor, near Tampa. Seabreeze Plaza is a 146,700-square-foot neighborhood shopping center built in 1985 and renovated in 2003 with the addition of a 45,000-square-foot Publix supermarket. The company purchased the center for approximately $25.9 million. Seabreeze Plaza was 100 percent leased at the time of sale.

Bethesda, Md.-based Saul Centers currently operates and manages a real estate portfolio of 44 community and neighborhood shopping center and office properties totaling approximately 7.7 million square feet of leasable area.

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