Monday, October 20, 2014

Plaza Advisors Announces Sale of Two Orlando, FL Area Shopping Centers


Jim Michalak
TAMPA, FL -- Plaza Advisors is pleased to announce the sale of the Phillips Village in Orlando, Florida. The shopping center is located in the affluent area of Dr. Phillips, near Interstate 4 and Sand Lake Road.

The asset is contiguous to a 219,814 sf Walmart Supercenter and totals 66,218 square feet of gross leasable area. Phillips Village tenants include: Planet Fitness, Dollar Tree, Mattress Firm, GameStop, Sally Beauty, Ideal Image and Sprint.

The center sold for $18,750,000 ($283/sf). The property was constructed in 2007 and was 95% leased at the time of sale. The seller and buyer were Weingarten Realty Investors (a NYSE REIT) and Portland Investment Company of America, respectively. 

Mike Cvetetic of Plaza Advisors stated, “Phillips Village resides in a very strong trade area with the vast majority of assets owned by institutional entities.

“The property is within two miles of numerous tourist attractions, the convention center and more than 13,000 hotel rooms. The retail trade area occupancy level is 98.2% and the competitive retail rents average $31.63 psf, which are some of the highest rents in the Orlando MSA”   

Mike Cvetetic
 The second Plaza Advisors sale was East Towne Center, a Publix anchored asset located in Clermont, an Orlando suburb. The property contains 69,840 sf of space and includes notable tenants: Chase Bank, Pizza Hut, Publix Liquors, Hair Masters and The UPS Store. The project was built in 2003 and was 92% occupied at the time of sale.

The seller and buyer were Regency Centers (a NYSE REIT) and Publix Supermarkets, respectively. 

“Publix was a logical buyer. The Publix store sales volume is very high, the inline space rents are poised for growth and the 5,600 sf of vacant space provides for income upside,” commented Nick Castellano of Plaza Advisors

Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller in the transactions. No other brokers were involved in either sale.

Nick Castellano
Plaza Advisors specializes in the disposition of anchored shopping centers located throughout Florida. The company has successfully closed eleven centers since December 2013. Those closings included: six Winn Dixie and three Publix anchored assets.


For a complete copy of the company’s news release, please contact:

Jim Michalak
Managing Partner
 3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 101
Fax 831.2627

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