ORLANDO-In one of what is likely to be many more REO retail deals over in Orlando over the next two years, Washington Shores Plaza has traded for $1.8 million. At 45,370 rentable square feet, the sales price equals less than $40 per square foot.

CBRE marketed the REO asset for sale on behalf of Berkadia, the special servicer to the underlying bondholders. The buyer is CRP II - Washington Shores LLC, an entity affiliated with Community Reinvestment Partners II, a Tampa-based private equity fund sponsored by Forge Capitol Partners and DeBartalo Development.

“Of the 14 shopping center sales in the Greater Orlando area thus far in 2011, half were sold by a lender or special servicer,” CBE first vice president Daniel Baker, with the CBRE Orlando office, tells GlobeSt.com. “This is up substantially from 2010 when only four of 12 sales were lender-driven transactions.”