“Oveido Mall is extremely well located at a key highway interchange, serving an affluent, desirable and family-oriented Orlando community,” says Carson. “Significant regional retail competition serving Orlando's northern communities as well as changing department store and mall dynamics have challenged Oviedo Malls' success since the Great Recession, and to some degree even before then.”

Anchored by Regal Cinemas, Sears and separately owned Dillard's department store, Oveido Mall sits at the interchange of the Central Florida GreeneWay (State Road 417) and Red Bug Lake Road in the Oviedo community of Orlando, Oviedo Mall was sold to an affiliate of Ilbak Investments. Carson and CBRE executive vice president Casey Rosen represented the seller.

“It is an extremely well located property and the seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community,” says Carson. “We believe the new owner has a great opportunity to continue this process through a combination of remerchandising and redevelopment that will ultimately benefit the City of Oviedo and its residents.”

Oviedo Mall totals 950,000 square feet of which 554,973 square feet were included in the sale. The mall site totals more than 95 acres, 54 acres of which were included in the sale.

MIAMI—The Oveido Mall, a 554,973- square-foot retail property in a suburb of Orlando, has traded hands. The sale price: $15.3 million.

To be sure, Oveido Mall is not at the top of the mall occupancy world. The shopping center has plenty of vacancy. But the buyer, a group headed by Mehmet Ilbak of Los Angeles that acquired the mall, saw a value-add opportunity and seems to have transformation in mind.

“At the time of sale, Oveido Mall was 82% occupied with many tenants paying low rents relative to sales performance,” Dennis Carson, executive vice president of CBRE National Retail Partners, tells GlobeSt.com. “This, together with remerchandising and longer term redevelopment opportunities, provides the new owner with significant upside.”

The acquisition price is millions more than the 2013 sale. The sellers, Oveido Fund LLC, paid $7.76 million in 2007. Essentially, the seller nearly doubled its money, demonstrating a vastly improved economy even despite speculation that shopping malls are a dying breed.

“Oveido Mall is extremely well located at a key highway interchange, serving an affluent, desirable and family-oriented Orlando community,” says Carson. “Significant regional retail competition serving Orlando's northern communities as well as changing department store and mall dynamics have challenged Oviedo Malls' success since the Great Recession, and to some degree even before then.”

Anchored by Regal Cinemas, Sears and separately owned Dillard's department store, Oveido Mall sits at the interchange of the Central Florida GreeneWay (State Road 417) and Red Bug Lake Road in the Oviedo community of Orlando, Oviedo Mall was sold to an affiliate of Ilbak Investments. Carson and CBRE executive vice president Casey Rosen represented the seller.

“It is an extremely well located property and the seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community,” says Carson. “We believe the new owner has a great opportunity to continue this process through a combination of remerchandising and redevelopment that will ultimately benefit the City of Oviedo and its residents.”

Oviedo Mall totals 950,000 square feet of which 554,973 square feet were included in the sale. The mall site totals more than 95 acres, 54 acres of which were included in the sale.