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IRT Expects 11% Yield on $8 Mil Orlando Retail Purchase

ATLANTA-The locally based REIT paid $77.68 per sf for the 102,985 sf, 97%- leased Unigold Shopping Center in suburban Winter Park. The acquisition is IRT's second this year totaling $19.6 million.

By Shelley M. Johnson | Updated on April 19, 2001

ATLANTA-IRT Property Co. of Atlanta believes it has mined a nugget in the $8 million purchase of the 102,985-sf, 97%-leased Unigold Shopping Center in Winter Park, FL, an Orlando suburb. IRT is looking for a yield of 11% or $880,000 this year on its investment.

“This property offers an attractive initial yield and additional upside potential through re-leasing and the ability to expand the property by an additional 10,000 square feet,” Thomas H. McAuley, chairman and CEO of IRT says in a prepared statement. “We are already well on the way to meeting our acquisition goal for the year and believe there will be additional opportunities for select, one-off transactions.”

The shopping center is anchored by a 52,500-sf Winn-Dixie supermarket. The acquisition is IRT’s second this year totaling $19.6 million.

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