Brandon plans to demolish the 37-year-old, 10,000-sf China Jade Restaurant on the site and develop Maitland Place, a 34,800-sf retail center at the northeast corner of U.S. 17-92 (Orlando Avenue) and Horatio Avenue. Brandon bought the property from Orlando-based China Jade Inc. and also bought out the lease on the restaurant.

Marnie Connor, senior advisor for Sperry Van Ness/IRG Commercial, brokered the transaction, representing buyer and seller. "Investors are continually looking for well-located retail properties that have excellent potential for growth," Connor says in a prepared statement. "This land is ideally located in the heart of the redevelopment area of Downtown Maitland, one of the most stable and affluent cities in Central Florida.

Connor says Maitland residents living within a mile of Downtown have an average household income of $91,250. "With limited commercial competition within the immediate area, Maitland Place should thrive in this marketplace," the broker says.