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AEW Capital Management, Mack Real Estate Group (MREG) and Soundwater Properties have closed on the acquisition of Disston Plaza, a 129,150-square-foot, Publix-anchored shopping center in St. Petersburg, Fla.

JLL represented the seller. This marks the second acquisition for the newly formed, programmatic joint venture, which focuses on acquisitions of grocery-anchored neighborhood retail centers in East Coast U.S. markets.

The venture targets assets with purchase prices between $10 million and $50 million and aims to aggregate a portfolio totaling approximately $350 million. As a direct buyer with discretionary capital, the venture is positioned to transact efficiently and provide greater certainty of execution to prospective sellers.