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.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. Bell Partners has over 60,000 units under management and over 20,000 apartments under renovation. The Company has over 1,600 associates and 6 offices (including its headquarters in Greensboro, NC) and offers an extensive and full service operating platform containing expertise in acquisitions and dispositions, financing, property operations, construction, accounting, risk management, market research and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $10 billion of apartment transactions since 2002, including almost $1.5 billion of activity in 2015 alone. For more information, visit our website at www.bellpartnersinc.com.