The acquisition marks the third Florida retail asset and the second Orlando property Weingarten has bought in the last two years. The purchase adds 2.5 million sf to the REIT's existing 30 million sf in 254 income-producing properties in 14 states.

Colonial Plaza's 97% leased status commanded a hefty $112.50 per sf price. Although the 45-acre re-built property is 50 years old, its future growth prospects are solid with a primary trade area population of 308,000, area retail brokers tell GlobeSt.com. Weingarten principals also recognize that fact and are looking for other comparable properties.

"We would definitely like to find more retail properties in Florida and have committed to an aggressive search by opening a regional office in South Florida," Weingarten president/CEO Drew Alexander says in a prepared statement.