Marcus & Millichap announced the sale of Edgewood Isle Plaza, a 78,647-square-foot retail property located in Orlando. According to Justin W. West, regional manager of the firm’s Orlando office, the 6.34-acre lot sold for $7,500,000.
The buyer, Fourth Atlantic Property Investments, was secured and represented by Salim Valiani, an investment specialist in Marcus & Millichap’s Orlando office.
Edgewood Isle Plaza is located at 5601 S Orange Ave. National tenants include Dollar Tree, Pizza Hut, Pinch-a-Penny, among other retail tenants. The plaza is centrally located in Edgewood, on a signalized corner between two major thoroughfares and within six miles of Universal Orlando Resort, Mall at Millenia, Orlando International Airport, and the downtown area.
“Edgewood Isle Plaza has a little over 30% vacancy, which was an attractive value-add for the buyer. Having successfully turned around other value-add retail plazas, the investor has the vision to upgrade the tenant mix through leasing the vacant units and possibly building on the vacant pad facing Hoffer Avenue,” said Salim.
In a separate transaction, Sunrise Plaza, a 24,088-square-foot retail plaza located in Kissimmee, sold for $5,050,000 or $209.65 a square foot.
Valiani had the exclusive listing to market the property on behalf of the seller, a private investor.
“This property was bought from an auction back in 2012 during the great recession for under $1 million. Our investor was able to see the potential and bring the property to its potential over time and sell the plaza. The buyers also understand appreciation of commercial properties in central Florida and have plans to maximize the potential of this property,” said Salim.
Built in 1992, on 2.87-acres of land, the property is currently at 95% occupancy rate. Tenants in Sunrise Plaza include Geico, Primo Fine Wines and Downtown Bicycles. It is adjacent to a Bravo Supermarket and within proximity to several hotels.
Sunrise Plaza is located at 4137 W Vine St in Kissimmee on the Disney corridor between West Vine Street and North Hoagland Blvd, with direct access to Highway 192 with high visibility and traffic from local tourism.
Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.