Pacolet Milliken Enterprises, Inc. sold of a portion of its Southeast Retail Portfolio, consisting of five Harris Teeters and three Publix retail centers, for $125 million to Echo Realty.
The sold Harris Teeters are located in Virginia and North Carolina. The Publix locations are in Georgia and Florida.
The transaction, which was brokered by Berkeley Capital Advisors, is part of an overall portfolio repositioning for Pacolet Milliken that includes the sale of approximately $280 million in real estate assets in the past 90 days, including other transactions in Orlando, Manhattan, Atlanta and South Carolina.
“Pacolet Milliken will continue to build its property portfolio, one that is significant in scale and one that positions us for compelling investment opportunities in our future,” Richard Webel, president of Pacolet Milliken, said in a release. “We anticipate substantial growth in both of our Real Estate and Energy & Infrastructure divisions, over the next five years.”