Marcus & Millichap announced the sale of Towne Square shopping center, a 126,163-square-foot Old Time Pottery-anchored retail shopping center situated on 14.7 acres in Ocoee. The $10.1 million sales price equates to $80 per square foot. Ray Turchi, associate vice president investments and Chris Travis, senior associate, both in Marcus & Millichap’s Orlando office, represented the seller. Turchi and Travis also procured the buyer.
“The property is a stable retail investment asset in a high-growth area,” says Turchi. “Old Time Pottery occupies 67 percent of the center and the property was 100 percent occupied at the time of the sale.”
Towne Square shopping center is located at the northwest corner of Colonial Drive and Maguire Road at 11029 West Colonial Drive in Ocoee. Colonial Drive is a primary growth corridor with traffic counts of more than 63,000 vehicles daily and Maguire Road averages more than 22,000 vehicles daily. A Sabal Hotel, Fairfield Inn & Suites, and Perkins Restaurant are next to the center and a self-storage center is behind it. A Walmart Supercenter is one-half mile away. A Mobil gas station, McDonald’s, BMO Harris Bank, and Arby’s are outparcels. Major tenants include ACE Cash Express, Chokshi Dental, Jackson Hewitt Tax Service, Opti-Works, Papa John’s Pizza and Yoshi Steakhouse & Sushi Bar.
“On the strength of its year over-year store sales growth, Old Time Pottery exercised its option to renew through 2022,” adds Travis, “and Papa John’s Pizza just executed a five-year lease extension.”
“This is a significant transaction in this area,” notes Justin West, regional manager of the Orlando office. “Our retail team continues to see greater demand for assets like this throughout the Central Florida market.”
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