Crossman & Company Closes $5.2 Million Sale Of Two Centers

Crossman & Company has negotiated the sale of Greater Mall and Summit Plaza I & II in Casselberry to MMI Development, Inc. of Winter Park, according to a release. Crossman & Company’s Managing Director Brian Carolan represented the seller, Greater Properties, Inc. of Casselberry, in the $5.2 million transaction. Greater Mall, located at 400-­480 S.R. 436 and Summit Plaza I and II, located at 1015­ & 1033 S.R. 436, with just under 53,000 square feet each, are 70 percent occupied. The centers feature retail and office space. Tenants include Hungry Howie’s, Mechanics Plus, Green Bar Irish Pub & Wings.  

“The strengths include high traffic counts and tremendous visibility along S.R. 436. There’s great population density,” Carolan continued. “It’s one of the most heavily traveled thoroughfares in Central Florida. These should produce great retail opportunities.”

Carolan has been working with Greater Properties Inc., the original developer of the 20-year old properties, on divesting their portfolio. Greater Mall and Summit Plaza I and II are their final two properties. After establishing relationships with the buyers, Carolan began discussing the properties in mid­summer.  

“Historically, the buyers have been multifamily developers, but wanted to get into more retail,” Carolan added.

 

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