Apollo Global buys Gulf Coast retail centers for $49 million
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, 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.