Palm Coast’s first shopping plaza has a new owner. Plans to build a replacement shopping center anchored by a new and larger Publix can now go forward.
Palm Coast, FL – May 28, 2014 – On May 15, 2014 Inland American Palm Coast Palm Harbor LLC, of Oak Brook, Ill, sold the Palm Harbor Shopping Center to Branch Island Walk Associates, LP, of Atlanta, for $12,375,000. The deed, which was recorded May 20th, correctly describes the property by its legal name, Palm Harbor Shopping Village. Doc stamps associated with the transaction totaling $86,625.00 were paid.
Inland purchased the shopping center in April 2009 as part of a portfolio acquisition of commercial real estate. Little has been done since to improve the property. In recent years, Inland has kept lease rates above market as tenants vacated the ageing property. Fewer tenants mean fewer issues with reconstruction.
The purchase was comprised of lots 1 and 4 of Palm Harbor Shopping Village. Lot 1 encompasses the large central core of the plaza. Wells Fargo Bank, formerly Wachovia, is sited on lot 4. Two apparent “holes” in lot 1 (see parcel map below) were not included in the sale. Island Doctors is separately owned, as is the vacant Hancock Bank property (lot 3). The preliminary 2014 taxable appraised values for lots 1 and 4 are $6,090,000 and $697,569 respectively.
Plans to build a replacement shopping center anchored by a new and larger Publix can now go forward. The buyer has had ongoing discussions with City of Palm Coast planning staff but the process of getting site plan approval and permits now begins in earnest. One of the biggest challenges from local residents’ perspective is coordinating traffic flow into and out of the new plaza with the widening of Palm Coast Pkwy to three lanes.