Saxon Crossing Trades for $21M; Pollack Shores Buys 396-Unit Community for Nearly $24M

The recently completed Saxon Crossings—a 119,894-square-foot shopping center in Orange County—was acquired by Inland Real Estate Acquisitions for approximately $20.73 million. The property, currently 100 percent leased with Hobby Lobby as the anchor tenant, is also home to LA Fitness, Papa John’s and Jimmy John’s.

The recently completed Saxon Crossings—a 119,894-square-foot shopping center in Orange County—was acquired by Inland Real Estate Acquisitions for approximately $20.73 million. The property, currently 100 percent leased with Hobby Lobby as the anchor tenant, is also home to LA Fitness, Papa John’s and Jimmy John’s.

Lou Quilici, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of Inland Diversified Real Estate Trust, Inc.

“Saxon Crossing is situated at a primary commercial intersection that includes Target and Home Depot, drawing approximately 57,000 vehicles a day from the nearby towns of Deltona and Orange City,” Quilici said. “The shopping center is also well-positioned to benefit from the Stetson University student population, located nine miles from the property. We believe that this high-traffic location and strong line-up of tenants combine to make Saxon Crossing a strong acquisition.”

Inland Real Estate Acquisitions—the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc.—has made the purchase on behalf of Inland Diversified Real Estate Trust, a public, non-listed real estate investment trust that focuses on acquiring and developing a diversified portfolio of commercial real estate.

Another notable Orlando acquisition has been made by Pollack Shores Real Estate Group; the company has closed on the $23.6 million purchase of the 396-unit Heather Glen apartment community, located on University Boulevard—less than two miles away from the University of Central Florida, one of the largest and fastest-growing universities in the nation.

The community, 95 percent occupied at the time of the purchase, will be managed by a subsidiary of Pollack Shores. The company has also announced plans of investing an additional $1.5 million to renovate and upgrade the pool area, clubhouse, fitness center, and landscaping. The renovation work is meant to attract UCF students and grow the profile of the apartment community among students and young professionals.

Image via ForRent.com

For more market data on Orlando, click here