Broad Reach Retail Partners (BRRP) announces the acquisition of Callahan Plaza, a 91,000 square foot shopping center located in Callahan Florida. The center is anchored by Winn Dixie and O’Reilly Auto Parts and was 76% occupied at acquisition. Callahan represents the company’s first acquisition in Florida and illustrates the company’s desire to expand geographically.
In addition, this was the first acquisition by the Companies new Equity Fund, the Broad Reach Retail Partners Shopping Center Fund I. The Fund’s focus is on acquiring in excess of $200 million in shopping center over the next 2 years period.
“The Callahan Plaza acquisition represents exactly the type of acquisition our company is looking for, strong tenant sales and upside” said Nate Tower, founder of Broad Reach Retail Partners. “Our recently closed equity fund will allow the company to purchase many more of these types of centers in the next couple of years”
About Broad Reach Retail Partners
Broad Reach Retail Partners (BRRP) is a privately held, fully integrated owner and operator of shopping centers located geographically throughout the Southeast and Midwestern United States. The company maximizes the full potential of underutilized shopping centers through focused leasing, redevelopment and creative management. The company’s mission is to create value for our partners, properties and people. BRRP is actively seeking growth though selective acquisitions, strategic leasing and the addition of the best of the best team members.