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.
The sale price equates to more than $291,000 per unit.
The 3.82-acre site is located adjacent to the University of Central Florida.
CBRE’s Chris Riley represented TDC and a real estate fund advised by Crow Holdings Capital in the transaction.
Newmark’s Senior Managing Director Scott Ramey and Associate Brad Downing represented the seller while Managing Directors Chris Caison and Josh Davis secured $48.1 million in bank financing for the transaction.
The 38,537-square-foot portfolio was 88.2% leased with a weighted average lease term of over 5.5 years.
Owner Encore Capital Management, a longtime client of Concord Summit, plans to build 75 additional hotel rooms on the east wing of the resort.
Avison Young Senior Vice President Rosendo Caveiro exclusively represented the European-based seller during the sale.
The project is currently under construction and anticipated to open in 2023.
The property features 7,900 square feet and has 18.5 years remaining on its lease.
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