An affiliate of Apollo Global Management has sold Gateway Plaza, a 214,489-square-foot, open-air shopping center in Sanford, Fla., for $23.6 million.
Gibbons Commercial Corp. acquired the asset through its Greenberg Gibbons Real Estate Income Fund. This is the fund’s fourth acquisition and the company’s first property in Florida. Launched in March 2021, the fund is for the strategic acquisition of shopping centers throughout the East Coast, Southeast and premier Midwest markets.
Originally developed in 1995, Gateway Plaza is anchored by Floor & Décor, Ashley Furniture, Collier’s Furniture Expo, Bed Bath & Beyond, Michaels and Dollar Tree. The 95.4-percent-leased center is located directly adjacent to the heavily trafficked Interstate 4 in Sanford, one of the most desirable and affluent communities in Florida.
Gateway Plaza is positioned on a 24.3-acre site at 101-241 Towne Center Blvd., directly across from the 1.1-million-square-foot Seminole To
