Marcus & Millichap Brokers $19.5M Sale Of Orlando Grocery-Anchored Center

Marcus & Millichap announced the sale of Westgate Square, a grocery-anchored shopping center in Orlando for $19.5 million.

“The sale of Westgate Square demonstrates the advantage of exposing an asset to a broad and diverse capital pool,” said Salim N. Valiani, managing director investments with Marcus & Millichap. “Through a targeted marketing campaign and access to investors nationwide and abroad, we generated substantial interest and competitive bidding for the property.”

Valiani, along with Yassin Benkabbou of Marcus & Millichap, exclusively marketed the property on behalf of the seller, who was a private high-net-worth individual from South Florida.

“By combining local market expertise with Marcus & Millichap’s expansive network of national and international investors, we were able to connect the asset with the right buyer, maximize value for the seller, and successfully navigate the transaction through closing,” added Benkabbou, associate director investments.

Westgate Square is located at 2625 N. Hiawassee Road, at the corner of North Hiawassee Road and State Road 438. The property comprises 136,189 square feet on approximately 16.3 acres and is fully occupied by 25 tenants, including Bravo Supermarket, Goodwill Industries, Family Dollar and Hibbett Sports.

Originally built in 1981 and renovated in 1990, the shopping center has recently undergone capital improvements, including a roof replacement, exterior upgrades and parking lot enhancements. The property is situated within a densely populated area, with more than 266,000 residents within a five-mile radius.