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Small Retail Centers Stay Strong

ORLANDO-CBRE sells MetroWest Shoppes for $12 million, or $363 per square foot.

By Carl Cronan | Updated on January 07, 2009

(Carl Cronan is editor of Real Estate Florida.)

ORLANDO-Although the volume of retail property transactions is still well below that of past years, deals are still getting done within the unique area of small, unanchored strip centers, according to CB Richard Ellis. The brokerage negotiated the sale of the 33,000-square-foot MetroWest Shoppes at 3120 Kirkman Road for $12 million, or $363 per square foot.

The per-unit price is well above the low-$300 range average for retail space that isn’t anchored by a supermarket or other large store, says Dan Baker, first vice president of investment properties with CBRE’s Orlando office, which represented seller MetroWest Commercial Partners LLC in the transaction. The Miller Group, an Orlando-based private development and investment firm, was the buyer.

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