Avison Young Completes $16.5 Million Sale Of West Colonial Oaks

Avison Young announced the $16,500,000 sale of West Colonial Oaks, a 160,792-square-foot multi-anchored neighborhood shopping center located at 7150-7300 W. Colonial Drive in Orlando. Avison Young’s John K. Crotty, CCIM, Principal; Joshua Ladle, Associate; Steve Tanner, Senior Vice President; and Ray Hayhurst, Senior Vice President; successfully marketed and sold the retail asset on behalf of seller Noble Properties. The team, split between South Florida and Central Florida, was selected due to their proven ability to market efficiently and quickly, bringing in top offers. As such, within just 90-days of the shopping center going to market, Avison Young closed the deal with purchaser Triarch Capital Group.  

“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,” said Crotty. “The diverse market knowledge and investment sales expertise of our team allowed us to present the opportunities West Colonial Oaks provides as an investment with its current occupancy of 91 percent representing solid in-place income for the buyer and the value enhancement potential to lease-up vacant space. Ultimately, our strategy resulted in the swift sale of the shopping center on behalf of our client to the most qualified buyer.”

Positioned on Orlando’s heavily-trafficked West Colonial Drive (State Road 50) near State Road 408, Orlando’s East/West Expressway, West Colonial Oaks benefits from high visibility and strong demographics in the area of over 125,000 people within a 3-mile radius producing high numbers of patrons frequenting the center. Office Depot, Family Dollar, Fancy Fruit & Produce, Olive Garden, and Ollie’s Bargain Outlet make up the property’s impressive tenant roster. The Home Depot, the world’s largest home improvement specialty retailer, is a shadow-anchor to 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. 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,” said Ladle.

 

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