151,000-SF Community Shopping Center Trades In Orlando Tourist Corridor

Oct 30, 2018 No Comments by

Transwestern announced it has closed the sale of Sand Lake Corners North, a 151,487-square-foot, Class A community shopping center shadow-anchored by Walmart and Lowe’s Home Improvement Store.

Public records show the sale price at $16.6 million.

On behalf of the seller, Transwestern Managing Director John Bell negotiated the sale of the property at 8115-8379 S. John Young Parkway in the tourist corridor and retail hub of Orlando. Transwestern was tapped to market the retail center in April 2017.

 

“At the gateway of Universal Studios’ 474-acre expansion poised for entertainment and lodging development, Sand Lake Corners North will continue to benefit from Orlando’s record tourism and employment-driven population growth,” said Bell. “We saw robust investor interest in the shopping center, in line with Orlando boasting the second-largest retail transaction volume in Florida. With positive market fundamentals and declining retail rental rates as of mid-year 2018, we expect the asset’s value to increase as the nation’s most-visited city continues this trend.”

Sand Lake Corners North is 95.3 percent occupied by longstanding tenants, including Old Time Pottery, PetSmart, and Dollar Tree, which will provide the buyer long-term cash flow.

The shopping center spans 15 acres at the high-profile, heavily travelled intersection of South John Young Parkway and West Sand Lake Road, boasting a 97,000-vehicle daily traffic count.

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Industry News, NA, Retail
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