Sunshine Plaza Center sells for $10.35 million

BUYER: WHLR-Sunshine Shopping Plaza LLC (manager: Jon Wheeler), Virginia Beach, Va.
SELLER: CRP II-Sunshine Shopping Plaza LLC
PROPERTY: 1107-1177 Homestead Road N., Lehigh Acres
PRICE: $10.35 million
PREVIOUS PRICE: $8.89 million, January 2008
LAW FIRM ON DEED: Johnson Pope Bokor Ruppel Burns LLP, St. Petersburg

PLANS, DESCRIPTION:
Virginia Beach, Va.-based Wheeler Real Estate Investment Trust Inc. purchased the 111,189-square-foot Sunshine Plaza Shopping Center for $10.35 million. The price equated to $93 per square foot.

The center is anchored by a Winn-Dixie grocery store.

Sunshine Plaza was built in 1970 and renovated in 1999. These improvements include adding a new roof, extra outdoor lighting, striping and sealing of the parking lot and an exterior paint.

“We believe Sunshine Plaza is a premier 'necessity-based' grocery-anchored shopping center with a large percentage leased to nationally known tenants, historically high occupancy rates and located in a strong growing tertiary market,” Jon Wheeler, chairman and CEO of Wheeler Real Estate Investment Trust, says in a press release.

The purchase entity, WHLR-Sunshine Shopping Plaza LLC, mortgaged the property to Starwood Mortgage Capital LLC for $5.9 million.