Insurance firm increases investment in shopping plaza

TAMPA — Greenleaf Capital LLC has consolidated its ownership of a Melbourne shopping center with the purchase of its co-developer's stake.

As a result, the real estate division of Tampa-based HCI Group Inc. expects to contribute roughly $3.6 million to its parent firm's pre-tax income for the quarter ended Dec. 31.

In all, Greenleaf has invested $3.9 million into the Pineda Landings Shopping Center since development began in 2014. The company says the project, anchored by The Fresh Market, is currently valued at $17 million.

Other tenants in the 49,995-square-foot center include Jersey Mike's, Orangetheory Fitness, Supercuts, Scottrade and Expedia.

“In the past year, Greenleaf has added valuable assets to its portfolio having cost bases well below market value,” says Anthony Saravanos, Greenleaf's president.

“We plan to continue expanding and diversifying our real estate portfolio while carefully evaluating accretive growth opportunities.”

The purchase involved Greenleaf's co-developer's 10% stake in the center. Greenleaf had the right to acquire the interest at a pre-determined price once the center was substantially occupied and stabilized.

The pair continue to jointly own several outparcels attached to Pineda Landings.

The $9.4 million mortgage secured by Pineda Landings matures this month, but Greenleaf says the debt can be converted to a three-year loan.

In addition to the Melbourne center, Greenleaf's portfolio also includes office buildings in Tampa and Ocala; a marina and retail center in Tierra Verde, in Pinellas County; a Treasure Island marina and restaurant, also in Pinellas; and a retail center anchored by Publix Super Markets in Sorrento, in Lake County.

HCI is an umbrella firm whose subsidiaries' activities include homeowners insurance, reinsurance, real estate and information technology. Homeowners Choice Property & Casualty Insurance Co. Inc. is Florida's leading provider of property and casualty insurance.