83,000-SF Retail Center Sells for $15M

(Crystal Proenza is associate editor of Real Estate Florida.)

ORLANDO, FL-In their second announced transaction in as many weeks, New York City-based Cohen Commercial Properties LLC has acquired an 83,167-square-foot shopping center at 8111-8155 Vineland Ave. for $15.2 million. The Publix-anchored Regency Village, along with two outparcels, were purchased from original developer Tinwood LLC, a joint venture between Jacksonville-based Regency Centers and Publix, which constructed the property in 2002.

“The buyer was attracted to the property because the 54,000-square-foot Publix has a low occupancy cost factor compared to their rent, meaning the supermarket’s commitment to the site will be long-term,” says Jim Michalak with Tampa-based Plaza Advisors, who represented Tinwood in the deal. The project’s location at the intersection of International Drive South and Vineland Avenue, also drew the buyer to the deal. The location is across the street from the heavily trafficked 550,000-square-foot Chelsea Orlando Premium Outlets, and in close proximity to timeshare communities, the 778,000-square-foot Prime Outlets International center, Orlando Convention Center and major Orlando theme parks and attractions.