ORLANDO—With live-work-and-play communities finding their way onto investor's radar screens, it's no surprise that the Rialto has traded hands. Orion Venture IX Rialto snapped up the 105,275-square-foot retail and office center in Orlando.
HFF marketed the property on behalf of the seller, The Wilder Companies. Orion Venture IX Rialto is an affiliate of Orion Investment. Orion purchased the asset free and clear of existing financing. Financial terms of the deal were not disclosed.
“Rialto offered investors a unique opportunity to purchase the only live-work-play mixed-use project along Sand Lake Road,” Brad Peterson, a senior managing director at HFF who represented the seller, tells GlobeSt.com. “As more investors become concerned with the impact of Internet sales, a project like Rialto has increasingly stronger appeal due to it's top-tier restaurants and a lifestyle atmosphere which provides an 'experience' and sense of place for shoppers and office tenants.”
Located at 7335 Sand Lake Road along Orlando's “Restaurant Row,” a world renowned one-mile stretch of retail and restaurants about 10 miles southwest of downtown Orlando, the mixed-use property has 58,519 square feet of fully leased retail space. The 46,756 square feet of office space is 83% occupied. Newlin Law, Ocean Prime, and Bar Louie are among the major tenants.
“Rialto got a strong reception from the investment community because it is located on the most prestigious and thriving one-mile stretch in the Orlando MSA, Sand Lake Road's 'Restaurant Row,'" says Peterson. He worked with HFF senior managing director Coleman Benedict and analyst Whitaker Leonhardt to close the sale.
“Orlando's Restaurant Row, is a mecca for the highest demographic residents in Central Florida, the first stop for business travelers and large corporate groups attending conventions at the nearby Orange County Convention Center and tourists visiting the nearby theme parks,” Peterson continues. “All of the other properties along Restaurant Row are institutionally owned assets and command the highest rental rates in the Orlando MSA.”
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