Redeveloped Walmart Retail Center Trades

May 22, 2013 No Comments by

North Lake Plaza, an 85,325-square-foot community shopping center in Leesburg, has sold for $3.4 million. The property was constructed in 1985 and formerly housed a Walmart.

Daniel Baker of CBRE’s Retail Investment Group in Orlando, along with Craig Taylor, senior vice president of CBRE’s Private Capital Group in Atlanta, represented the seller, Riverwood Properties. The buyer is Vanguard Associates, a real estate developer and investor that had redeveloped the building in 2000.

“With the increased access to favorable financing, we were able to garner multiple offers on this strong performing, stabilized asset and secure a fair, market price for our client,” says Baker, a CBRE first vice president. Baker and Taylor also these same facilitated the sale in 2005 between the same two parties, this time with roles reversed.

North Lake Plaza is anchored by a Tractor Supply and Bealls Department Store and adjoins a multi-tenant strip center. When Walmart relocated in 2000, the facility was redeveloped for these two tenants.

Leesberg is home to many of Florida’s largest adult communities.

North Lake Plaza is prominently located on U.S. Highway 441/27 just North of where the two thoroughfares merge. Daniel David Borge, senior vice president CBRE Debt & Equity Financing, facilitated the acquisition loan from Orlando-based CNL Bank.

 

Source:  GlobeSt.

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Industry News, NA, Retail
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