A joint-venture between the Hampshire Companies and Redfearn Capital based in Delray Beach has acquired the Shoppes at St. Lucie West, a 264,000 sqf retail center in Port St. Lucie for an undisclosed amount. Located on St. Lucie West Boulevard, the 264,000 sqf retail center is anchored by a Publix grocery store. The purchase also includes a 13-acre parcel of vacant land which has already received approval for an additional 120,000 sqf of retail space. In addition to Publix, current tenants include Burlington Coat Factory, LA Fitness and HomeGoods.
“This property is already an exceptional performer and is located in a growing area of Florida that has benefitted from the higher living costs of its surrounding areas,” said Robert Schmitt, principal at The Hampshire Companies. “This transaction represents the first acquisition for our HUH II Fund which has a strong retail focus with a value-add strategy of acquiring dominant shopping centers that feature established anchor tenants and future development opportunities in growing communities. This deal fit perfectly into our investment strategy for our new fund.”
