Watkins Development Co. of Atlanta sold the eight-year-old center to Melbourne Shopping Centers Inc. of West Palm Beach, FL, headed by Paul Hanna and Hank Porcher, for $10.86 million or $109.57 per sf. The 12.12-acre property at 4250 Alafaya Trail is anchored by a Publix supermarket and was developed in 1994.
The Tampa and Orlando offices of Marcus & Millichap Real Estate Investment Brokerage Co. handled the transaction.
One of the highest per-sf prices reported by GlobeSt.com in the metro Orlando market in the last two years was the May 2001 sale of one of the smallest retail properties as well. S.O.M. Investors Inc. paid S.O.M. Partners Ltd. $2.86 million or $121.79 per sf for the 11-year-old, 87%-leased, 23,516-sf Shoppes at Maitland in suburban Maitland, FL.
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