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| Village Shoppes at Altamonte, Altamonte Springs, FL |
ORLANDO, FL, Jan. 28,
2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $8
million sale of and $4.8 million acquisition financing for the Village
Shoppes at Altamonte, a 35,381-square-foot, fully leased retail strip
center in the Orlando-area community of Altamonte Springs, Florida.
The HFF team marketed
the property on behalf of the seller, Pacific West Land.
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| Derek Waltchack |
A fund sponsored by
Shannon Waltchack, a
Birmingham-based owner operator, purchased the center.
Additionally,
working on behalf of the new owner, the HFF debt team placed an eight-year,
non-recourse acquisition loan with Continental Casualty Company, a subsidiary
of CNA Financial Corporation.
Village Shoppes at
Altamonte is situated on 6.1 acres at 249 West SR 436 in the dominant retail
trade area of Altamonte Springs, which is located eight miles north of downtown
Orlando.
With
direct frontage on SR 436, the center is exposed to more than 60,000 vehicles
per day. The recently renovated Village Shoppes at Altamonte is 100
percent leased to a variety of tenants, including International Diamond Center,
Skyra Performing Arts Center, Copacabana Cuban Café, Antica Pizzeria, Cookie
Dough Bliss and Spa Touch Dentistry.
 |
| Joey Azar |
The HFF investment
advisory team representing the seller included senior managing director
Brad
Peterson, senior director
Whitaker Leonhardt and analyst
Tommy
Isola.
The HFF debt placement team representing the new owner
consisted of managing director Rebecca Van Reken.
“Village Shoppes at Altamonte is ideally situated in the heart of the
thriving SR 436 retail corridor and has greatly benefitted from the I-4
Ultimate Project, nearby road improvement projects and surrounding infill
redevelopments introducing new hotels, apartments and office buildings,”
Leonhardt said.
 |
| Rebecca Van Reken |
“The financing of Village Shoppes at Altamonte demonstrates that there
remains a wide variety of debt alternatives available for well-occupied retail
centers,” Van Reken added. “This non-recourse loan was creatively
tailored to match the specific needs of our client and their business plan.”
 |
| Brad Peterson |
Shannon Waltchack has recently raised a fund, SW Neighborhood Centers
(SWNC), to acquire unanchored neighborhood centers in affluent and dense
communities across the southeast with a diverse mix of e-commerce resistant
tenants.
“We have $75 million dedicated to finding small, unanchored neighborhood
centers like Village Shoppes,” stated Derek Waltchack, a founder of
Shannon Waltchack.
“In 2019 we’d like to buy two to three more centers in Orlando” said Joey
Azar, Shannon Waltchack managing director, who overseas acquisitions,
financings and dispositions for the fund.
 |
| Whitaker Leonhardt |
With an experienced eye and a disciplined, mathematical approach, Pacific
West Land researches, analyzes, and invests in real estate across the United
States.
Comparing real estate values across different regions,
Pacific West Land identifies inefficiencies as real estate markets react to
economic cycles and respond to changes in local conditions.
This translates to an ability to change with the times,
adapting investment strategies as new opportunities occur. Visit
http://www.pacificwestland.com to
learn more.
A full service commercial real estate firm, Shannon Waltchack manages,
brokers, develops, and acquires property across the Southeast.
Since its
inception in 2005, Shannon Waltchack has closed more than $1.4 billion in real
estate transactions and manages a diverse portfolio that includes more than 80
properties spanning five states and over three million square feet.
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| Shoppes of Lake Mary, Lake Mary, FL |
For
more information, please visit
www.shanwalt.com.
CNA is one of the largest U.S. commercial property and casualty insurance
companies.
CNA provides a broad range of standard and specialized
property and casualty insurance products and services for businesses and
professionals in the U.S., Canada and Europe, backed by 120
years of experience and approximately $45 billion of assets.
For more information about CNA, please visit their website
at
www.cna.com.
CONTACTS:
BRAD PETERSON
FL Lic. # BK3162030
HFF Senior Managing Director
(407) 745-3900
WHITAKER LEONHARDT
FL Lic. # SL3221137
HFF Senior Director
(407) 745-3900
REBECCA VANREKEN
HFF Managing Director
(407) 745-3900
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
SHANNON WALTCHACK
Suzanne Echols
(205) 868-3807
