I-Drive Retail Center Changes Hands
- May 21, 2015
International Drive Value Center, a retail center near Universal Orlando Resort and Wet ‘n Wild Orlando, is under new ownership. The seller was a partnership of Weingarten Realty Investors and an institutional investor. Financial terms and the buyer’s identity were not disclosed.
The transaction was arranged by an HFF team led by senior managing director Brad Peterson, associate director Whitaker Leonhardt and real estate analysts Michael Brewster and Anthony Frogameni.
The 185,704 square-foot, 98.2 percent occupied power center is located on a 22.6-acre parcel on International Drive in an area that enjoys significant tourist traffic year-round.
About six miles from downtown Orlando and 8.5 miles from Walt Disney World, the property is near has such attractions as Sea World Orlando and the Orange County Convention Center.
The property has been extensively renovated and its anchor tenants include national and regional companies like Bed Bath & Beyond, Ross Dress for Less, TJ Maxx, Five Below, Dollar Tree, and dd’s Disco“Orlando’s booming tourism industry and overall economic health have had a profound effect on the success of shopping centers across Orlando’s tourist corridor, especially International Drive Value Center,” Brad Peterson said in a statement
Photo credits: Weingarten Realty