PECO REIT sells Central Florida retail center

Phillips Edison & Co. (PECO) has sold the Countryside Shopping Center, a 124,268-square-foot, grocery-anchored shopping center in the Daytona Beach–area community of Port Orange, Fla. A sales price was not disclosed.

The buyer is an affiliate of Atlanta-based Vanguard Associates.

“Countryside Shopping Center is situated at a dominant intersection within the attractive and growing Port Orange market,” said Eric Williams, director of JLL Retail Capital Markets, which represented the seller. “We have experienced a significant resurgence in investor demand for well-positioned retail assets such as Countryside Shopping Center, which garnered strong investor interest during our marketing process. The property offered the optimal investment profile of solid in-place cash flow coupled with future value enhancement opportunities and will be a great addition to the buyer’s existing portfolio.”

Anchored by Save-a-Lot and Big Lots, the 95.8 percent-leased Countryside Shopping Center is also home to Halifax Health, Wells Fargo, Cici’s Pizza, Workout Anytime, H&R Block, Total Vision and more. The center is situated on 11.5 acres at 3840 S. Nova Road in Port Orange, which is in the Daytona Beach MSA. The center is in a rapidly growing trade area and is visible to more than 66,000 vehicles per day. Additionally, more than 62,000 residents earning an average annual household income of $64,014 live within a three-mile radius of Countryside Shopping Center.