Orion Investment Affiliate Acquires Restaurant Row Mixed Use Property
- Mar 24, 2014
The Rialto, a 105,275-square-foot retail and office center changed hands in early March. The seller, The Wilder Companies, gave HFF the marketing responsibilities and the sales team was led by senior managing directors Brad Peterson and Coleman Benedict and analyst Whitaker Leonhardt. The transaction was worth $31.7 million, according to Orlando Business Journal.
The new owner is an affiliate of Orion Investment and Management, Orion Venture IX Rialto, LLC that acquired the asset free and clear of existing financing. Orion Investment and Management is a full-service commercial real estate firm providing consulting services to national and international buyers. Established in 1978, it operates offices in Miami and Orlando. The company manages a portfolio worth over $400 and has a transaction history of over $1 billion.
Just 15 minutes from Orlando International Airport and Walt Disney World, the property is located on “Restaurant Row”, or more specifically, at 7335 Sand Lake Road. The one-mile stretch of retail facilities and restaurants is about 10 miles southwest of downtown Orlando. It features 46,756 square feet of office space that is 83 percent occupied and 58,519 square feet of currently fully leased retail space. Newlin Law, Ocean Prime and Bar Louie are among the prime tenants at the center. Adjacent to the mixed-use complex there is a 200-unit residential community currently under construction. Developed by Wood Partners, Alta Rialto Apartments was not included in the sale.
Photo credits: The Wilder Companies