Search
 

Grocery-Anchored Retail Asset Trades in Hot Submarket

ORLANDO—“Although the asset was highly occupied considerable upside will be generated with the backfill of the 61,130 square foot Albertson's space.”

By Jennifer LeClaire | jenniferleclaire | | Updated on July 19, 2016
“Boulevard Plaza is a value-add opportunistic transaction that involved two ground leases and a non-operating Albertson's store," says Jim Michalak. “Boulevard Plaza is a value-add opportunistic transaction that involved two ground leases and a non-operating Albertson’s store,” says Jim Michalak.
ORLANDO—Boulevard Plaza, a 102,190-square-foot shopping center in the Orlando suburb of Sanford, FL, has traded hands. The sale price: $13 million. Boulevard Plaza spans 102,190 square feet of gross leasable space. Albertson’s, freestanding CVS and Burger King stores, Papa John’s, AT&T Wireless, H&R Block, Hairmasters and Trustco Bank are among the noteworthy tenants. The retail asset is 90% occupied. Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller, BP, Limited Partnership , in its disposition. Woolbright Development , a private investor, acquired the retail asset. “Boulevard Plaza is a value-add opportunistic transaction that involved two ground leases and a non-operating Albertson’s store,” Michalak tells GlobeSt.com. “Although the asset was highly occupied considerable upside will be generated with the backfill of the 61,130 square foot Albertson’s space.” Two years ago, CBRE arranged the sale of Boulevard Plaza, which sits at 300 West Lake Mary Boulevard. Branch Properties acquired the property from The Sandefur Companies for $12.2 million. Sanford/Lake Mary is one of the fastest-growing submarkets in Central Florida. It is home to upscale residential communities and professionals and a growing commercial, office , and industrial base. The shopping center is located on the northwest corner of Highway 17-92 and Lake Mary Boulevard in a trade area that is home to some of the nation’s best known retailers, such as Walmart, Publix, Lowe’s, Ross, Walgreens, Dollar Tree and Aldi. Seminole County Operations Complex, Orlando Sanford International Airport, Sand Lake Industrial Park and Seminole State College are among the major traffic drivers in the area. 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.