The Shopping Center Group helped broker the sale of Town Center Shoppes, a community shopping center located in one of Orlando’s most popular submarkets.
A private entity purchased the 64,500-square foot center for $16 million in a transaction that was finalized March 9. The sales team led by Anthony Blanco, partner, director of investment sales, The Shopping Center Group, represented the seller, an affiliate of Charlotte, NC-based Gemini Real Estate Advisors.
“Retail occupancy rates and market rents have been increasing, while the pace of new development has slowed considerably,” explains Blanco. “Couple that with a favorable economic climate, low cap rates as well as low interest rates, and the picture continues to be favorable for retail investing – particularly for those centers occupied by national credit tenants like Town Center Shoppes.”
Anchored by a 44,000-square foot LA Fitness that recently extended its lease for 15 years, Town Center Shoppes was 95% leased at the time of sale. Delmonico’s Steakhouse is slated to replace Outback Steakhouse. Completed in 2000, the center is located 1.6 miles east of Orlando’s Eastern Beltway (State Route 417) at the intersection of W. Mitchell Hammock Rd. and S. Central Ave.
Immediately adjacent to the Town Center Shoppes, more than 1100 multi-family units are home to affluent, young, working families. Nearly 54,000 residents with an average household income of more than $90,000 reside within three miles of retail center. The market is also infused daily with nearly 16,500 employees from surrounding communities. Approximately 92,000 consumers with an average household income topping $87,000 reside within a 10-minute drive.
The Shopping Center Group’s team of Blanco, Lenard Williams and Mallory Silva marketed the property. According to Blanco, “Being convenient to downtown Orlando and the nation’s second largest university – University of Central Florida – along with a close proximity to Oviedo on the Park, makes this quite a safe acquisition by this investor.”
The Shopping Center Group represents institutional and private owners of retail real estate throughout the eastern United States and Southern California in their efforts to maximize the return on investment from the sale of their property utilizing a comprehensive sales effort.