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

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.