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ST. CLOUD, FL-St. Cloud Square, an 88,352-sf shopping center 10 miles east of Walt Disney World, is under new ownership today. Atlanta-based BVT Associates Inc. sold the neighborhood center at 4037-4077 US 192 here to a private Philadelphia investor for $4.8 million or about $54.33 per sf.

Area construction industry sources tell GlobeSt.com the sales price was comparable to current replacement cost of the property. Scott Rohrbach, a Terranova broker who represented the seller, says the center is "a value-added opportunity for new owners because it is located in an area experiencing the spillover from the tremendous growth in nearby Orlando and Kissimmee." St. Cloud is 20 miles south of Downtown Orlando.

Rohrbach says residential growth in St. Cloud (Pop. 30,000) has "prompted the expansion of major retailers, including Home Depot, Chili's and CVS, all within one block of St. Cloud Square." Terranova Corp., a third-party commercial real estate advisory firm, is currently marketing $1 billion of assets for its clients.