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Commercial Real Estate
Business Observer Friday, Aug. 10, 2018 3 months ago

Apollo Global buys Gulf Coast retail centers for $49 million

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New York investment firm acquires properties from Canadian REIT
by: Kevin McQuaid Commercial Real Estate Editor

Affiliates of New York-based Apollo Global Management LLC, a private equity firm with roughly $100 billion in assets under management, have acquired a trio of Gulf Coast retail centers for a combined $49.2 million.

Apollo bought the properties, in Naples, Clearwater and Dunedin, from H&R REIT, a Canadian firm based in Ontario.

Brooks Village, in Naples, and Granada Plaza, in Dunedin, are both anchored by Publix Super Markets Inc., while the Clearwater center at 2495 Gulf to Bay Blvd. is anchored by Home Depot Inc.

Brooks Village, which H&R had owned since February 2014, was built in 2009. The 65,941-square-foot property, at 12975 Collier Blvd., sits on 18.7 acres. Apollo’s purchase price was $16.3 million, according to Collier County property records.

In Clearwater, the new Apollo center on 13 acres was delivered in 1995. H&R had owned it since September 2003, records show.

Granada Plaza, a 74,200-square-foot property, had been in H&R’s portfolio since December 2012.

Apollo officials declined to comment on the purchases.

The company paid between $14.95 million and $17.91 million for the trio of properties, county property records indicate, with the Clearwater center fetching the most money.

H&R will continue to have a presence in the region, however, through its Dallas-based Lantower Residential subsidiary, which owns a number of apartment complexes along the Gulf Coast.

Most recently, in June the company invested $57.66 million to buy the newly renamed Lantower Asturia apartment complex, at 15175 Integra Junction, in the Odessa section of Pasco County.

 

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