An affiliate of Vanguard Associates has purchased Crystal River Plaza for $10.5 million, according to Commercial Property Executive (CPE).
Located at the northwest corner of U.S. 19 and Venable Road, the 184,101-square-foot center includes retailers such as Bealls, Bealls Outlet, Goodwill, Sibex Electronics and Dollar General. At the time of sale, the 1986-built shopping center was
89 percent leased, according to CPE. Neighboring retailers include The Home Depot, BB&T Bank, Arby’s, Applebee’s, Chili’s and Mattress Firm.
“Crystal River Plaza is the dominant, discount-oriented shopping center serving the Crystal River and Homosassa Springs markets,” said Mark Shellabarger, senior vice president of CBRE, a California-based commercial real estate services and investment firm. “The buyer was attracted to the center because of its strong anchor tenants, which are the same as the anchor tenants Vanguard has in other shopping centers they own in comparable markets in the Southeast. Additionally, Crystal River Plaza has over 20,000 square feet of vacant space and the buyer is adept at leasing space like this and increasing the income.”