Central FL Power Center Trades for $26M
- Nov 26, 2018
A joint venture between Collett Capital and Long Wharf Capital acquired International Drive Value Center, a 186,000-square-foot power center in Orlando, Fla. Retail Value Inc. sold the property for $26.2 million. HFF represented the seller and facilitated $18.9 million in acquisition financing with a five-year, floating-rate acquisition loan with TD Bank.
Located at 5295 International Drive, the center spans 23 acres and is situated just 6 miles from downtown Orlando, less than a mile from Universal Studios and 8.5 miles northeast of Walt Disney World. At the time of the deal, International Drive Value Center was 95 percent leased to a tenant roster that includes Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNTS, Five Below and Dollar Tree.
“Orlando is one of the most highly sought-after retail investment markets in the U.S. in 2018,” Brad Peterson, HFF senior managing director, said in a prepared statement. “We have the No. 4 fastest-growing population and No. 2 fastest-growing workforce in the U.S., which is squarely on the radar of investors.”
Joining Peterson on the deal were Senior Director Whitaker Leonhardt and Associate Michael Brewster. The HFF debt placement team representing the new owners was comprised of Senior Managing Director Travis Anderson, Senior Director Cory Fowler and Managing Director Rebecca Van Reken.
A dynamic market
According to Colliers’ most recent Central Florida Retail Report, the retail market saw strong leasing activity through the first half of 2018 as a landlord’s market persisted throughout the Orlando MSA. The report revealed quality space remained in tight supply, and in some cases, many of Orlando’s retail submarkets were seeing occupancy levels similar to 2007.
“International Drive Value Center is one of the premier retail centers in central Florida, and given its prime location in the heart of Orlando’s dynamic and thriving tourist corridor, many of the tenants achieve sales volumes far in excess of chain averages,” Leonhardt said.
In July, HFF represented Retail Value Inc. in the $29 million sale of Lake Walden Square, a 244,529-square-foot, grocery-anchored retail center in Plant City, Fla. JBL Asset Management purchased the property.
Image courtesy of HFF