TAMPA, FL June 6, 2012 --Plaza Advisors is pleased to announce the sale of Vine Street Square (top left photo) in Kissimmee (Orlando MSA), Florida.
The shopping center is situated at the intersection of US 192 and Dyer Boulevard and totals 120,699 square feet of gross leasable area.
The major tenants include Walmart Neighborhood Market, Office Max, Dollar Tree, Humana, and a freestanding Outback Steakhouse.
The asset was constructed in phases between 1986 and 1996. The property was 97.6% leased at the time of sale.
Jim Michalak (middle right photo) and Paul Bores (middle left photo) of Plaza Advisors represented the seller in the transaction. No other brokers were involved in the sale. The seller and buyer were Kimco Realty Corp and The Phillips Edison Group LLC, respectively.
“The capital market demand for the asset was remarkable and resulted in a tremendous number of offers” Jim Michalak stated. “Buyers ranging from REITs, institutions, Broker Dealer Funds as well as private equity investors submitted offers”.
Additionally Michalak emphasized that “the compelling reason for the aggressive bidding was that the asset is grocery anchored with the investment grade credit of Walmart”.
Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the State of Florida.
Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.
Plaza Advisors has closed over 100 shopping center transactions, with a combined GLA exceeding 13 million square feet with an aggregate sales volume in excess of $1.5 billion.
Contact:
Jim Michalak
Managing Partner
Plaza Advisors
3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 101
Fax 831.2627
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