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| College Station Retail Center, Clermont, FL |
TAMPA, FL -- Plaza Advisors is pleased to announce the $11.5
million sale of the College Station Retail Center located in Clermont
(Orlando MSA) Florida.
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| Jim Michalak |
The center contains a total of 65,460 square feet of gross
leasable area and includes numerous national; anchor, inline and outparcel
tenants including: Office Depot, Petco, Starbucks, Chick-fil-A, BB&T, Steak
‘n Shake, Subway and Chili’s.
College Station is
situated on an 18.2 acre master ground leased parcel and was constructed in
phases from 2005 to 2009. The asset was 100% leased at the time of sale. A 1.96
+/- acre expansion parcel was included in the sale. Traffic counts averaged
nearly 53,000 vehicles per day.
Jim Michalak
represented the seller in the transaction. The seller and buyer were REDUS
Florida Commercial, LLC and Clermont College Station, LLC a private equity
firm, respectively.
“Clermont’s anchored retail center occupancy rate is 97.3%
and is indicative of the strength of trade area” states Michalak. “The
transaction opportunity presented several hurdles including the master ground
lease and an over-sized Office Depot store.
“However the strength of the location, credit tenancy and
the future development component were attractive aspects for investors that
submitted bids on the project”.
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 130 shopping center transactions, with a
combined GLA exceeding 13 million square feet with an aggregate sales volume in
excess of $1.5 billion.
For a complete
copy of the company’s news release, please 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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