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| Towne Square Shopping Center, Ocoee, FL |
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| Ray Turchi |
OCOEE, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of Towne Square shopping center,
a 126,163-square-foot Old Time Pottery-anchored retail shopping center situated
on 14.7 acres in Ocoee, Fla.
The $10.1 million sales price equates to $80 per
square foot.
Ray Turchi, associate vice president investments and Chris
Travis, senior associate, both in Marcus & Millichap’s Orlando office,
represented the seller. Turchi and Travis also procured the buyer.
“The property is a stable retail investment asset in a
high-growth area,” says Turchi. “Old Time Pottery occupies 67 percent of the
center and the property was 100 percent occupied at the time of the sale.”
“On the strength of its year over-year store sales growth,
Old Time Pottery exercised its option to renew through 2022,” adds Travis, “and
Papa John’s Pizza just executed a five-year lease extension.”
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| Chris Travis |
Towne Square shopping center is located at the northwest
corner of Colonial Drive and Maguire Road at 11029 West Colonial Drive in
Ocoee.
Colonial Drive is a primary growth corridor with traffic
counts of more than 63,000 vehicles daily and Maguire Road averages more than
22,000 vehicles daily.
A Sabal Hotel, Fairfield Inn & Suites, and Perkins
Restaurant are next to the center and a self-storage center is behind it. A
Walmart Supercenter is one-half mile away.
A Mobil gas station,
McDonald’s, BMO Harris Bank, and Arby’s are outparcels. Major tenants include
ACE Cash Express, Chokshi Dental, Jackson Hewitt Tax Service, Opti-Works, Papa
John’s Pizza and Yoshi Steakhouse & Sushi Bar.
“This is a significant transaction in this area,” notes Justin
West, regional manager of the Orlando office. “Our retail team continues to
see greater demand for assets like this throughout the Central Florida market.”
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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