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| Colonial Landing, 3225 East Colonial Drive, Orlando, FL |
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| Brad Peterson |
ORLANDO, FL – HFF announced it has closed the $37.3 million
sale of Colonial Landing, a leasehold interest in a 259,024-square-foot
retail power center in Orlando, Florida.
HFF marketed the property on behalf
of the seller, a joint venture between Weingarten Realty Investors and other
private investors. Retail Centers of
America advised by Lincoln Retail REIT Services, a division of Lincoln Property
Company, purchased the asset free and clear of existing debt.
Colonial Landing is located 2.2 miles from downtown Orlando at the
15-lane signalized intersection of East Colonial Drive (State Road 50) and
Maguire Boulevard, directly across from the Orlando Fashion Square Mall.
The East Colonial retail trade area is the closest retail
trade area to downtown Orlando and has had significant recent leasing and
redevelopment activity, including the current major overhaul of the Orlando
Fashion Square Mall.
Situated on 23.2 acres at 3225 East Colonial Drive, Colonial
Landing is 100-percent-leased to high-quality national anchor tenants,
including Bed Bath & Beyond, Buy Buy Baby, PetSmart, Sports Authority,
Jo-Ann Fabrics & Crafts, hhgregg and Party City.
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| Whitaker Leonhardt |
The sale also included outparcel pads leased to Red Lobster,
Smokey Bones, Fifth Third Bank and Pollo Tropical.
The
HFF investment sales team representing the seller was led by senior managing
director Brad Peterson, associate director Whitaker Leonhardt and
real estate analyst Anthony Frogameni.
“Colonial Landing is one of the premier power center assets in Orlando
and has the right balance of high-quality national anchor tenants, outparcels
and shops,” Peterson said.
“Its infill
location within such close proximity to downtown Orlando, Winter Park and
Baldwin Park, provides a rare opportunity to have both high density and high
income demographics within its trade area, permitting tenants to outperform.”
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner,
manager and developer.
At June 30,
2014, the company owned or operated under long-term leases, either directly or
through its interest in real estate joint ventures or partnerships, a total of
259 properties which are located in 21 states spanning the country from coast
to coast.
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| Anthony Frogameni |
These properties represent approximately 48.5 million square
feet of which our interests in these properties aggregated approximately 29.8
million square feet of leasable area.
To learn more about the company’s operations and growth
strategies, please visit www.weingarten.com.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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