The property is one of the 10 largest shopping centers in Central Florida. Chelsea paid a premium $177.44 per sf for the 120-tenant property at 8200 Vineland Road in Orlando's main tourist corridor off Interstate 4 between Walt Disney World and Sea World in south Orlando.
In a prepared statement, Chelsea chairman/CEO David C. Bloom calls the Orlando Premium Outlets "one of the most successful retail properties in the United States." Tenants averaged over $550 per-sf sales in 2001, Bloom says, placing the mall among the top tier of regional shopping center producers.
Chelsea paid Simon $46.6 million in cash and assumed Simon's $29.7 million pro-rata share of existing mortgage debt. The purchase price equates to a capitalization rate of about 9.5%, Bloom says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
