FOR IMMEDIATE RELEASE:
Front Street Commercial Real Estate Group, in conjunction with CBRE’s Jacksonville office, successfully co-brokered the sale of Esplanade at Butler Plaza, a Publix-anchored shopping center located in Gainesville, Florida.
Regency Windsor Capital, Inc. of Vero Beach, which sold the center, had been a partner with Butler Enterprises in the Esplanade project until three years ago. After becoming the sole owner, Regency Windsor completely redeveloped the 132,600-square-foot shopping center, located within the Archer Road retail corridor’s “Miracle Mile.” The buyer, Esplanade Capital LLC, a partnership led by Aventura developer Daniel Halberstein, paid $22.5 million for the center in June 2014. Halberstein’s group has retained Front Street to continue leasing the project.
Changes in the shopping center include the addition of 4 Rivers Smokehouse on the eastern endcap, the opening of Jo-Ann Fabric and Craft, the relocation and expansion of McAlister’s Deli, and the addition of Guitar Center. A new Panda Express restaurant opened along Archer Road, and Esplanade’s parking lot was upgraded with additional landscaping and head-in parking in front of the shop spaces.
The renovation and leasing efforts by Front Street brought the occupancy of Esplanade from about 50 percent to over 95 percent.
“We wanted to bring the shopping center to a high note and make it attractive to create the greatest value,” said Hal Lambert of Regency Windsor. “Nick Banks, Front Street’s managing director, has a background as a developer and owner, which comes through with his creative thinking. He brought us a long view of what would be best for the center.”
Lambert added that Front Street partnering with CBRE in brokering the sale of Esplanade was “the best of both worlds, with CBRE reaching potential buyers nationwide, and Front Street articulating the local market dynamics to prospective buyers.”
ABOUT FRONT STREET:
Front Street Commercial Real Estate Group is a leader in the Gainesville commercial real estate business. The company’s mission is to impact its community, clients and industry by doing commercial real estate differently. Front Street is committed to leadership in the commercial real estate industry by offering superior brokerage, commercial mortgage banking and property management solutions to its commercial real estate clients. For more information, please visit www.frontstreet.net or contact Nick Banks at firstname.lastname@example.org.