Pacolet Milliken Enterprises buys Shoppes at Price Crossing

BUYER: Pacolet Milliken Enterprises Inc., Spartanburg, S.C.

SELLER: SF Price Crossing LP

PROPERTY: 1251 S. Toledo Blade Blvd., North Port

PRICE: $14.13 million

PREVIOUS PRICE: $9.5 million, September 2010

LAW FIRM ON DEED: Greenberg Traurig PA, Fort Lauderdale

PLANS, DESCRIPTION: Spartanburg, S.C.-based Pacolet Milliken Enterprises Inc. purchased the 71,810-square-foot The Shoppes at Price Crossing for $14.13 million.

The price equated to $197 per square foot.

The center is anchored by a 45,600-square-foot Publix grocery store and Buffalo Wild Wings restaurant. The center was more than 94% occupied at the time of the sale.

“The Shoppes at Price Crossing is an attractive property due to its prime location, strong mix of restaurant and service-oriented tenants, and market-leading anchor tenant, Publix,” Ned Long, executive vice president of Pacolet Milliken, says in a press release. “Though affected by the recession, North Port has proved its resilience and has come back strong over the past few years.”

The Shoppes at Price Crossing is Pacolet Milliken's 14th grocery-anchored neighborhood center acquisition in the past 22 months and third acquisition in Florida since December 2010.

CNL Retail has been hired to manage the property, and Crossman Properties is the leasing agent.

Pacolet Milliken Enterprises is a family-owned investment company founded in 2007. Its business units include energy and infrastructure, income properties in world capital cities and the southeast United States; and undeveloped land and forestry.