CBRE Closes Sale of 550 KSF Mall near Orlando
- Feb 17, 2017
Orlando—CBRE has arranged the sale of Oviedo Mall, a 554,973-square-foot retail property in the Orlando area, the company announced recently. The shopping center was sold to an affiliate of Ilbak Investments, and according to public records as reported by the Orlando Sentinel, the asset traded for $15.3 million. CBRE’s executive vice presidents Dennis Carson and Casey Rosen represented the seller, Oviedo Fund LLC.
Located at 1700 Oviedo Mall Blvd., in Oviedo, Fla., at the interchange of the Central Florida GreeneWay (State Road 417) and Red Bug Lake Road, Oviedo Mall totals 950,000 square feet, of which only 554,973 were part of the transaction. The mall site totals more than 95 acres, of which 54 were included in the sale. Regal Cinemas, Sears and Dillard’s department store are the malls anchor tenants. The department store wasn’t part of the sale.
“Oviedo Mall is extremely well located at a key highway interchange, serving an affluent, desirable and family-oriented Orlando community. Significant regional retail competition serving Orlando’s northern communities as well as changing department store and mall dynamics have challenged Oviedo Malls’ success since the Great Recession, and to some degree even before then. That said, it is an extremely well located property and the seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community,” Carson said in a prepared statement.
“We believe the new owner has a great opportunity to continue this process through a combination of remerchandising and redevelopment that will ultimately benefit the City of Oviedo and its residents,” concluded Carson.
Photo courtesy of CBRE