West Colonial Drive Heating Up

Office Depot, Family Dollar, Fancy Fruit & Produce, Olive Garden, and Ollie’s Bargain Outlet make up the property’s tenant roster.

ORLANDO—West Colonial Oaks, a 160,792-square-foot multi-anchored shopping center located in Orlando, just traded hands. The sale price: $16.5 million. Avison Young principal John K. Crotty , associate Joshua Ladle , and senior vice presidents Steve Tanner and Ray Hayhurst represented the seller, Noble Properties . Within 90-days of the shopping center going to market, Avison Young closed the deal with purchaser Triarch Capital Group . “There are still many active investors looking for retail deals generating strong income from solid tenants while displaying upside and growth potential,” Crotty tells GlobeSt.com. “West Colonial Oaks fit these requirements beautifully, which resulted in multiple offers and allowed us to secure the ideal buyer for this deal.” West Colonial Oaks is located at 7150-7300 West Colonial Drive. That’s a heavily-trafficked location on State Road 50 near State Road 408, and Orlando’s East-West Expressway. West Colonial Oaks also has strong demographics with over 125,000 people within a three-mile radius. “Overall, the Orlando retail sector continues to show signs of growth including decreasing vacancy and positive net absorption as a solid tourism base, strong consumer spending, and robust economy are propelling demand for retail space,” says Crotty. West Colonial Oaks is 91% occupied, offering a solid in-place income with value-add potential. Office Depot, Family Dollar, Fancy Fruit & Produce, Olive Garden, and Ollie’s Bargain Outlet make up the property’s tenant roster. The Home Depot shadow anchors the shopping center. “Due to direct access to West Colonial Oaks, there is significant cross-shopping and positive synergy between The Home Depot and the center’s retail tenants,” sais Ladle. “We identified this attribute—in addition to the convenient location of the property in the heart of the vibrant West Colonial submarket of Orlando—as important in attracting the buyer which will undoubtedly in turn draw retailers interested in leasing the few remaining bays.” West Colonial Drive is seeing some retail investor traction . 5176 West Colonial Drive, a former Walmart shopping center near Downtown Orlando, recently sold for $3.3 million. In December, a 7,548-square-foot Red Lobster Restaurant in Orlando sold. Located at 7373 West Colonial Drive, the restaurant sold for $3.74 million. Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE. Learn more.