Bell sells three Florida Centers

Bell Partners, Inc. of Greensboro, NC has sold three Florida shopping centers to three separate private capital groups for a total of $24,775,000. The properties included Bayside Lakes, a 70,070 SF center in Palm Bay, FL and Riverside Market Square, a 42,448 SF center in Jacksonville, FL, and Keystone Crossing, a 50,000 SF center in Tampa, FL. The Miami office of CBRE represented Bell Partners in each of the transactions.

The Bayside Lakes and Riverside Market Square centers are anchored by Publix grocery stores, while Keystone Crossing is anchored by a Sweetbay grocery store.

According to Bell Vice President Joe Cannon, "We are pleased to have generated good returns on these properties. There is some aggressive capital seeking investment opportunities and we were glad to have capitalized on that dynamic."

The sale of these retail properties represents a continuance of Bell’s strategy to narrow its focus to apartments and senior housing. According to a ranking recently compiled by the National Multi-Housing Council, Bell is the 10th largest apartment operator in the country and one of the 40 largest senior living operators in the country. The company manages approximately 58,000 apartments in 203 communities and 27 senior living communities.

»See previous press release