TAMPA, Fla., Feb. 01, 2017 (GLOBE NEWSWIRE) -- Greenleaf Capital, LLC, the real estate division of HCI Group, Inc. (NYSE:HCI), has acquired full ownership of the Pineda Landings Shopping Center, located in Melbourne, Florida, by purchasing its co-developer’s 10% interest in the center. Since development began in 2014, Greenleaf has invested approximately $3.9 million in the center, which is subject to a $9.4 million construction mortgage loan and currently valued at approximately $17 million. The construction mortgage loan is due in February 2017, but can be converted to a three-year loan.
The purchase of the co-developer’s interest was preceded by a series of transactions, including a distribution of ownership interests to Greenleaf and its co-developer. As a result of these transactions, Greenleaf expects to contribute approximately $3.6 million of pre-tax income to HCI Group’s results of operations for the quarter ended December 31, 2016.
The newly-built 49,995 square-foot shopping center is anchored by The Fresh Market, which is part of a chain of 137 gourmet supermarkets located in 27 states, and includes premium in-line retail tenants, such as Jersey Mike’s, Orangetheory Fitness, Supercuts, Scottrade and Expedia. Greenleaf co-developed the center and was the principal source of funding. By agreement with its co-developer, Greenleaf was entitled to acquire the co-developer’s interest in the project at a pre-determined formula price once the center was substantially occupied and stable. Greenleaf and its co-developer continue to own several outparcels adjoining the center.
“In the past year, Greenleaf has added valuable assets to its portfolio having cost bases well below market value,” said Anthony Saravanos, President of Greenleaf Capital. “We plan to continue expanding and diversifying our real estate portfolio while carefully evaluating accretive growth opportunities.”
About Greenleaf Capital
Greenleaf Capital, LLC is the real estate division of HCI Group, Inc. Greenleaf owns and manages several Florida real estate properties, including office buildings in Ocala and Tampa, a marina and retail shopping center in Tierra Verde, a marina and restaurant in Treasure Island with adjacent undeveloped land, a Publix-anchored retail shopping center in Sorrento, Florida, and a Fresh Market-anchored retail shopping center in Melbourne, Florida.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, reinsurance, real estate and information technology. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." For more information about HCI Group, visit www.hcigroup.com.
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