Un-Anchored Neighborhood Retail Center Fetches Record Price

Mar 30, 2016 No Comments by

Setting a new pricing record for the Central Florida retail sales market, Village HC, LLC has purchased the Village of Hunters Creek, a 52,539-square-foot un-anchored neighborhood retail center, for $17 million.

The center, located at 13526 Village Park Drive in Orlando, garnered the highest price per square foot in recent years for a Central Florida shopping center that does not include any national tenants, at $323.57 per square foot.

Sean Glickman, CCIM, Managing Director of Retail Investment Services for Colliers International Central Florida represented the seller, Gibraltar Capital and Asset Management.  Gibraltar is an opportunistic investor of distressed assets that had acquired the property through foreclosure and subsequently stabilized it in preparation for sale.

 

“Well-located Class A retail centers in Central Florida, like this one, are extremely desirable, particularly with private and institutional investors who are looking to invest their funds in a stabilized, high-yield asset,” said Glickman, who joined the Colliers team in 2015. “Our confidential global marketing campaign garnered a high level of interest, resulting in a full asking price offer and a non-refundable deposit on day one.”

The retail center is a part of The Village at Hunter’s Creek Master Plan, a 31-acre mixed-use development located on the corner of SR 417 and John Young Parkway in Orlando. The development is comprised of 19 buildings, 1,544 parking spaces and a 2-acre central park with a children’s play area, performance stages and the development’s signature clock tower.

 

“The property lacks an anchor box store and national tenants, but it is a sound investment because it’s well-leased and will provide steady cash flow for years to come,” said Glickman. “Qualified investors recognized the potential for this property, resulting in a great deal of competition.”

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Industry News, NA, Retail
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