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GE Capital Buys Trophy Retail Asset from Disney for Record $183.40 per SF

ORLANDO-The Dallas-based investor paid $27 million for the 147,214-sf, 96%-leased CrossRoads of Lake Buena Vista at the Buena Vista entrance to the Walt Disney World Resort here. The price was the highest this year and one of the highest in the last 10 years.

By Alex Finkelstein | Updated on January 24, 2001

ORLANDO-The retail investment market is off to a resounding start here with the $27-million sale today of Walt Disney World Hospitality and Recreation Corp.’s CrossRoads of Lake Buena Vista to Dallas-based GE Capital Realty Group. The $183.40 per-sf price is the highest this year and one of the highest for a retail asset here in the last 10 years, according to local brokers.

The 11-year-old, 147,214-sf CrossRoads was courted by a band of buyers who were attracted by the shopping center’s 96% occupancy level and its tenant retention ratio of almost 100% since opening at the Buena Vista entrance to the Walt Disney World Resort. Gooding’s Supermarket, a 30-year-old, family-founded/operating grocery chain, is the anchor at the 42-acre CrossRoads.

The brick and cedar shake exterior-finished center is instantly identified by tourists and residents entering the Disney resort. Among the restaurant tenants are Chevy’s, Red Lobster, Jungle Jim’s, Pizzeria Uno and McDonalds. A Pirate’s Cove miniature golf course is part of the layout.

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