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Kimco Sees Big Demand for Orlando Retail Sale

ORLANDO—“Orlando continues to be a target market for investors and has maintained a healthy level of retail transaction activity.”

By Jennifer LeClaire | jenniferleclaire | | Updated on June 29, 2016
“Orlando continues to be a target market for investors and has maintained a healthy level of retail transaction activity." “Orlando continues to be a target market for investors and has maintained a healthy level of retail transaction activity.”
ORLANDO— Kimco Realty Corp. just disposed of another retail asset. East Orlando Shopping Center, a 131,981-square-foot, grocery-anchored shopping center in Orlando, sold for $6 million. HFF senior managing director Brad Peterson and associate director Whitaker Leonhardt represented Kimco. Mishorim Gold East Orlando L.P. purchased the asset free and clear of existing debt. “Orlando continues to be a target market for investors and has maintained a healthy level of retail transaction activity,” Peterson tells GlobeSt.com. Bravo Supermarkets and Florida Career College anchor the retail center, which is also home to Amscot and Pizza Hut. The retail asset sits at the “Main and Main” signalized intersection of East Colonial Drive (State Road 50) and North Semoran Boulevard (State Road 436). At 989-1007 North Semoran Boulevard, the intercession sees a traffic count of 116,000 vehicles per day. “The sale of East Orlando Shopping Center is a strong indicator of the depth of retail investors searching for value-add infill opportunities,” says Leonhardt.  “There were nearly a dozen groups that submitted offers to acquire the asset, with the eventual buyer being selected based on their competitive terms and successful track record buying from public companies.” The trade area includes Orlando Fashion Square Mall and is among the largest retail nodes in central Orlando, serving residents of downtown and the surrounding communities.  The 10.2-acre retail property includes two additional parcels totaling two acres, which are on ground leases. While Kimco is existing some Florida assets, it’s picking up others. In April, the firm snapped up the remaining 45% ownership interest in Oakwood Plaza shopping center and the Dania Pointe development project. The sale price: $299.2 million, which includes the assumption of a $100 million mortgage loan. Canada Pension Plan Investment Board sold the assets.

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