ORLANDO, FL—With fewer distressed properties on the market, some investors may be asking, “Where have all the value-add opportunities gone?” Well, there are still deals to be had in Florida's commercial real estate market. You just have to know where to look.

One example is in Central Florida. In area where available retail space is limited—other than in the Altamonte Mall. PWL REO, LLC purchased The Village Shoppes, a 34,000-square-foot retail center in Altamonte Springs, FL, for $2.9 million.

Sitting 6.6 acres of land at 249 State Road 436, the retail center was previously taken back in foreclosure from a developer, then experienced delays in leasing and selling for about one year due to Department of Transportation roadwork near the property. The retail asset was 35% occupied at the time of the sale.