Medical Park Station Sold for $11 Million Amid Rising Demand for Convenience Retail
Madison, AL – Franklin Street is pleased to announce the successful sale of Medical Park Station for $11 million, representing a significant milestone in the
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Madison, AL – Franklin Street is pleased to announce the successful sale of Medical Park Station for $11 million, representing a significant milestone in the
March 27, 2015
The cost to rehabilitate just the Channelside complex isn’t disclosed yet, but Channelside will be a major entertainment anchor for developing the overall mixed-use neighborhood — a project with a budget that could top $1 billion.
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“The real successful retailers today, they’re communities,” said Brian Bern, senior director with Franklin Street in Tampa.
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“There’s significant investor demand for multitenant, unanchored retail centers in South Florida,” Franklin Street’s Greg Matus said in a statement. “Rising rents and the low cost of capital are driving the market at the moment.”
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Greg Matus and Peter Crane of Franklin Street Real Estate Services represented the buyer, Pinecrest AP, a private real estate investor based in the Northeast in the transaction.
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“Multi-tenant, unanchored retail centers are in high demand right now from investors,” Franklin Street’s regional managing partner Greg Matus, tells GlobeSt.com. “The cost of capital is very competitive and retail rents are on the rise in South Florida creating ideal conditions for trading activity.”
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