 |
| 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
No comments:
Post a Comment