Avison Young Arranges $24M Sale of Orlando Retail Center

IMC Equity Group sold Good Homes Plaza, a 96 percent-occupied asset situated near one of the area’s high-trafficked roadways.

Good Homes Plaza, 8805-8995 W. Colonial Drive in Ocoee, Fla.
Good Homes Plaza, 8805-8995 W. Colonial Drive in Ocoee, Fla.

IMC Equity Group has sold Good Homes Plaza, a 96-percent occupied retail center in Ocoee, Fla., to Slate Retail REIT for $23.8 million. Avison Young’s Florida Capital Markets Group arranged the sale.

“Despite concerns about big box retailers, we successfully secured a qualified Canadian buyer for this sale,” said Ray Hayhurst, senior vice president at Avison Young, in prepared remarks.

Located at 8805-8995 W. Colonial Drive, the 165,741-square-foot shopping center is anchored by Publix, Pet Supermarket and Beall’s Outlet Store.

Hayhurst, Princpal John Crotty, Senior Vice President Steve Tanner and Senior Associate Joshua Ladle arranged the transaction.

“In West Orange County, the retail market has been positively affected by population and tourism growth in the metro area,” said Crotty. “This, coupled with Good Homes Plaza’s winning location of one of the area’s high-trafficked roadways attracted the ideal buyer who will benefit from long-term cash flow due to strong in-place tenants.”

In another recent deal, Avison Young’s Florida Capital Markets Group arranged the sale of Citizens Bank & Trust Plaza, a 71,190-square-foot office building near Tampa.

Image Courtesy of Avison Young