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 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.
Other phases of the development will include a mixed-use tower with 550 Class-A apartment residences and a boutique hotel. Complementing the development will be retail and restaurant spaces, structured parking garage and a waterfront activity plaza with green space.
Rob Solito, vice president and broker at JM Real Estate, Inc., brought the sale to close. Cassandra Hartford of Curri Kirschner Real Estate Group in Melbourne represented the buyer, Relentless Hotel EGAD, LLC.
Sasha Dominguez and Jordan Shtulman of STREAM Capital Partners represented the seller in the transaction.
The state-of-the-art automated warehouse will introduce Kroger’s innovative shopping experience to central Florida, a new market for the nation’s largest grocery retailer, while also extending its reach and capabilities in online ordering and home delivery.
Matthew Mousavi, Patrick Luther and Patrick Nutt of SRS represented the seller, a Florida-based development firm, in the disposition of both properties to two separate buyers.
One outparcel includes a 5,530-square-foot AT&T store, located at 4006 Conroy Road. The second outparcel includes a 5,045-square-foot Panera Bread and a 3,500-square-foot Shake Shack, located at 4060 Conroy Road.
The financing was secured shortly after Staples renewed its 24,000-square-foot lease at the 163,754-square-foot retail center in one of Orlando’s most affluent suburbs.
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