Cutwater paid Flatrock Partners LP of New York $35.30 per sf for the 24-tenant property six miles north of Downtown Orlando. CNL Bank of Orlando provided first mortgage acquisition financing.
Major tenants are Ross Dress for Less, Sam Ash Music, Save-A-Lot grocery, Beall's department store and Dollar General. Quoted average rents are $12 per sf to $15 per sf.
The property was extensively redeveloped in 1999 and is one of metro Orlando's earliest open-air shopping centers. Cutwater managing principal Jonathan Cappo says his firm has cut a good deal.
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