Avanti Way Capital, a Miami-based real estate asset management firm, announced the acquisition of Shoppes at Lake Mary, a 37,685-square-foot shopping center located at 101 N. Country Club Rd. in Lake Mary, a suburb of Orlando.
Avanti Way Capital, through the entity, Lake Mary Retail, LLC, purchased the 4.6-acre site from Miami-based real estate investment firm, Gallium Capital, for $8.36 million, mitigating risk through a conservative CMBS note originated by Morgan Stanley. Closing took place on September 14.
“We are excited to acquire this asset at an attractive cost basis, coupled with a strong, necessity-based tenancy and strategic location in the submarket of Lake Mary, which aligns with our continued expansion throughout the major Florida markets, including a 120-unit residential development in Orlando,190 townhomes in Tampa, and 127 units in Lake Worth,” stated Enrique Teran, principal, Avanti Way Capital. He added, “Shoppes at Lake Mary also exhibits value-add potential by repositioning expiring leases and filling up remaining vacant spaces as well as driving for maximum efficiency through our unique approach to management.”
Conveniently located off of Lakeview Avenue and State Road 15, Shoppes at Lake Mary was originally built in 1985 and is 94 percent occupied. Tenants include Lake Mary Dry Cleaners, Debs Kitchen, Lighthouse Seafood, Morganic Meats and Foxcase LLC, among others.
The property is in line with Avanti Way Capital’s comprehensive investment strategy, which focuses on quality assets in growth markets across Florida with strong fundamentals, where employment drives household formation, there is growth in occupancy as well as in tenant demand, and where they are close to highly populated, already-developed cities that may be saturated with investor activity.
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