Greenberg Gibbons Acquires Retail Power Center for $23.6 Million, Expands Footprint into Florida

Owings Mills, Md. (April 27, 2022)Greenberg Gibbons, one of the East Coast’s premier investors, developers, and managers of retail, mixed-use and flex properties, announced today that it has acquired Gateway Plaza, a 214,789-square-foot retail power center located in Sanford, Fla., for $23.6 million.

The center was purchased through the Greenberg Gibbons Real Estate Income Fund, which launched in March of 2021 to strategically acquire shopping centers throughout the East Coast, Southeast and premier Midwest markets. This is the fund’s fourth acquisition and the company’s first property in Florida.

Gateway Plaza is anchored by notable national retailers, including Floor & Décor, Ashley Furniture, Bed Bath & Beyond, Dollar Tree, and Michaels. The center is located less than a mile off Interstate 4 and only four miles from downtown Sanford, which is currently experiencing rapid growth and is one of the best places to live in the Sunshine State.

“We’re excited to further expand Greenberg Gibbons’ footprint into the South with the acquisition of Gateway Plaza,” said Tom Falatko, Senior Vice President of Acquisitions at Greenberg Gibbons. “Florida’s population continues to expand as many people are choosing to relocate there, and we see exciting opportunities to further increase this property’s value.”

Greenberg Gibbons is actively seeking investments with a focus on essential, retail-driven shopping centers, including value-add, grocery-anchored community, neighborhood, and power centers that may need to be revitalized through repositioning of retail spaces, property upgrades, developing additional uses and improving operations.

About Greenberg Gibbons

Celebrating more than 50 years of success, Greenberg Gibbons is one of the East Coast’s premier developers, investors, and owners of mixed-use, retail, and flex properties. The company has developed and managed a portfolio of more than 10.6 million square feet of properties. Its signature projects include the award-winning Hunt Valley Towne Centre, Annapolis Towne Centre, Waugh Chapel Towne Centre, Foundry Row, and Towson Row. For more information, visit www.ggcommercial.com.