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International Drive Value Center, Orlando, FL
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| Brad Peterson |
ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $26.156
million sale of and $18.915 million acquisition financing for International
Drive Value Center, a 186,000-square-foot power center in Orlando, Florida.
The HFF team marketed the property on behalf of the
seller, Retail Value Inc. (RVI). A partnership between Collett
Capital and Long Wharf Capital purchased the asset.
Additionally, working on behalf of the new owner, the HFF
team placed the five-year, floating-rate acquisition loan with TD Bank.
Loan proceeds will be used for the acquisition and to fund future capital
improvements.
International Drive Value Center is 95 percent leased
and anchored by multiple national and regional tenants, including Bed Bath
& Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNTS, Five Below and
Dollar Tree.
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| Whitaker Leonhardt |
The center spans 23 acres and is at 5295 International
Drive.
Located at the epicenter of central Florida, International Drive
Value Center is approximately six miles from downtown Orlando, 8.5 miles
northeast of Walt Disney World® and less than one mile southeast from Universal
Studios.
Additionally, the center is in the nation’s No. 1 retail
submarket, the International Drive Retail submarket.
The HFF investment advisory team representing the
seller included senior managing director Brad Peterson, senior director Whitaker
Leonhardt and associate Michael Brewster.
The HFF debt placement team representing the new owner
consisted of senior managing director Travis Anderson, senior director
Cory Fowler and managing director Rebecca Van Reken.
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| Travis Anderson |
“Orlando is one of the most highly sought-after retail
investment markets in the U.S. in 2018,” Peterson said. “We have the No.
4 fastest-growing population and No. 2 fastest-growing workforce in the U.S.,
which is squarely on the radar of investors.
"So far in 2018, our team has priced 12 retail centers
totaling more than $360 million in value in Orlando, and investor enthusiasm
has been very robust.”
“International Drive Value Center is one of the
premier retail centers in central Florida, and, given its prime location in the
heart Orlando’s dynamic and thriving tourist corridor, many of the tenants
achieve sales volumes far in excess of chain averages,” Leonhardt added.
“The future of the asset looks even brighter given the
continued success of the nearby Orlando International Premium Outlets combined
with the new nearby mixed-use developments.”
RVI is an independent publicly traded
company trading under the ticker symbol “RVI” on the New York Stock
Exchange.
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| Rebecca Van Reken |
RVI holds assets in the continental U.S. and
Puerto Rico and is managed by one or more subsidiaries of SITE Centers
Corp. RVI focuses on realizing value in its business through operations
and sales of its assets.
Collett Capital is a privately owned acquisition
platform that focuses on acquiring undervalued community shopping centers in
the southeast, southwest and midwest, and southeastern real estate assets with
existing cash flow and the potential for long-term capital appreciation.
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| Cory Fowler |
Since its inception in 2015, Collett Capital has
invested in over $150 million worth of real estate.
Long Wharf Capital LLC is a Boston-based private equity real
estate manager focused exclusively on value-added investments in the U.S.
Formed in 2011, the firm invests on behalf of institutional clients
including pension funds, endowments, foundations, and family offices.
Long Wharf’s investment approach
utilizes multiple value creation strategies to target opportunities across
property sectors and U.S. markets. For further information,
visit: www.longwharf.com.
CONTACTS:
BRAD
PETERSON
FL
Lic. #BK3162030
HFF
Senior Managing Director
WHITAKER
LEONHARDT
FL
Lic. #SL3221137
HFF
Senior Director
TRAVIS
ANDERSON
HFF
Senior Managing Director
(704)
526-2800
CORY
FOWLER
HFF
Senior Director
(704)
526-2800
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
