Miami Investment Firm Buys Orlando Mixed-Use Center For $32 Million
<![CDATA[The retail-and-office complex that features Ocean Prime and Bar Louie on Orlando’s popular Restaurant Row corridor in southwest Orlando has a new owner. Miami-based Orion Venture IX Rialto LLC, an entity related to Orion Investment & Management Ltd. Corp., spent $31.7 million, or $301 per square foot, to buy the 105,275-square-foot Rialto on Sand Lake Road from JTAD Rialto LLC, an entity related to Boston-based developer The Wilder Cos. The transaction was one of the area’s largest retail investment sales based on price per square foot, when compared with the average price of $85.19 per square foot in all of 2013. It shows that retail investors are willing to pay top dollars for well-located commercial centers. The Rialto in the Sand Lake/tourist submarket boasted of a 220,210-square-foot retail net absorption — vacant space that was backfilled — in last year’s fourth quarter, the highest in the region. The Rialto has 58,519 square feet of fully leased retail space and 46,756 square feet of office space that is 83 percent occupied. Brad Peterson, Coleman Benedict and Whitaker Leonhardt of HFF LP in Orlando represented The Wilder Cos. in the Rialto sale, which closed on March 7. Source: OBJ ]]>
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