Orlando Retail Plaza Trades In $8.5 Million Transaction

Jun 09, 2014 No Comments by

Parkway Plaza, a 65,000-square-foot shopping center located one half-mile from Orlando’s The Mall at Millennia, has traded hands in an $8.5 million transaction.

The Publix-anchored property is located at the crossroads of Americana Boulevard and John Young Parkway, a short distance from Interstate-4. The sale of Parkway Plaza was brokered by CREC (Continental Real Estate Companies).

CREC Chairman Warren Weiser and Senior Vice President Harry Blyden represented the property’s seller, a Tenant-in-Common (TIC) ownership group managed by Los Angeles-based National Asset Services. The group acquired the center in 2004. The buyer was J-9 Land Partners, LLP, a private investment firm based in Ormond Beach.

“When it comes to neighborhood shopping centers in Florida, grocery-anchored properties remain the most desirable acquisition targets among institutional buyers and private investors alike,” explains CREC Senior Vice President Harry Blyden. “The strong sale price secured by Parkway Plaza is a good indicator that buyers are willing to pay for income-generating retail centers located in close proximity to dense residential areas.”

Among the factors that led to Parkway Plaza’s sale was its 95 percent occupancy rate at the time of sale. Current tenants include Publix Supermarket, Chase Bank, Radio Shack, Subway and Little Caesar’s, creating stable in-place cash flow for the new ownership group.

 

 

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Industry News, NA, Retail
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