HFF Closes $6M Sale of Winn-Dixie-Anchored Retail Center in Apopka
- Aug 03, 2012
According to an official statement made by Holliday Fenoglio Fowler, the 71,490-square-foot Errol Plaza in Apopka, Florida has recently traded for the reported amount of $6.125 million.
The Winn-Dixie-anchored retail center was marketed by HFF on behalf of Kimco Realty Corporation; SUSO 1 ERROL LP, a fund indirectly managed by Slate Properties on behalf of its Slate U.S. Opportunity (No. 1) Realty Trust, purchased the unencumbered property.
Errol Plaza is located on West Orange Blossom Trail near the intersection of Errol Parkway approximately 20 miles northwest of downtown Orlando. The retail center is 96.5 percent occupied and serves a residential population of approximately 39,500 within a three-mile radius. Other tenants of the center include Planet Fitness and Winn-Dixie Liquor Store.
The HFF team representing the seller was led by senior managing directors Brad Peterson and Danny Finkle along with associate director Michael Weinberg.
Slate Properties is a Toronto-based commercial real estate investor and asset manager. Since 2005, the company has acquired, owned and disposed of more than $900 million worth of commercial real estate.
A Marcus & Millichap overview of the Orlando retail market shows that year-over-year retail sales have jumped 6.9 percent. Although some cash-strapped retailers such as Albertsons and Perkins are still closing sites, the improving local economy is attracting well-financed retailers such as Dollar General, O’Reilly Auto Parts, Marco’s Pizza and Pita Pit to open stores in the metro.
Orlando retail investors will comb the market for opportunities this year, although options to purchase assets that meet investment objectives could be limited. While improving operations are attracting buyers to the area, they are finding few of the premium properties they are seeking. Rising prices, however, may motivate additional owners who are able to sell to list.
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