Cushman & Wakefield Arranges Sale Of Publix-Anchored Neighborhood Center In Longwood

Cushman & Wakefield provided advisory services in the successful disposition of the Shoppes of Sweetwater, a 64,253-square-foot Publix-anchored neighborhood shopping center located at 3857 Wekiva Springs Road in Longwood.

Mark Gilbert, Adam Feinstein, and Mitchell Halpern of Cushman & Wakefield’s Retail Advisory Group represented the seller, Shoppes of Sweetwater, Inc., whose president is Stephen Korshak, an attorney based in Casselberry, Florida, that has also been active in real estate development, time shares, residential real estate brokerage and publishing. The purchaser was Washington, D.C.-based Graphite Real Estate, whose principals are Tim McCann and Joseph Farina.

The 94%-leased center is anchored by Publix and CVS and included an outparcel ground leased to McDonald’s and an undeveloped .58-acre outparcel located at the hard corner. Leasing for the project has been handled by CrossMarc Services, whose principal is John Crossman. Crossman has a long history with the property as the leasing agent responsible for bringing Publix to the site in 2002 and will continue to oversee leasing for the new owner.

“Stephen Korshak acquired this center from a lender in 1997 and did a tremendous job nurturing the property into a highly successful grocery-anchored neighborhood center, with the key addition of backfilling an empty grocery store with Publix,” said Adam Feinstein, Executive Director at Cushman & Wakefield. “This is a perfect deal for Graphite, which looks to acquire well located Publix-anchored centers that offer a durable income stream, while offering value enhancement opportunities. Graphite will be successful leasing up vacancy and developing the pad at the hard corner.”