TSCG Arranges Sale of Orlando-Area Retail Center
- Apr 16, 2018
A private, Tampa-based investor has bought Chain O’Lakes Plaza, a 91,160-square-foot retail center in Winter Haven, Fla., for $6 million.
Located at the intersection of U.S. Highway 17—3rd Street South West—and Avenue O South West, the property spreads across an 8.5-acre site and includes an adjacent one-acre outparcel along U.S. Highway 17.
Built in 1972, the asset was 97 percent leased at the time of sale. Tenants include Big Lots, Family Dollar, Jo-Ann Fabrics, Rainbow Shops and Dunkin Donuts/Baskin Robbins. The property is also shadow-anchored by Save-A-Lot grocery store.
According to TSCG, approximately 97,000 customers with an average household income of more than $55,000 reside within a five-mile radius of Chain O’Lakes Plaza. Daily traffic counts near the center average 24,000 vehicles. Macy’s, Publix and Walmart are all located nearby.
“Chain O’Lakes is situated within a well-defined trade area with limited potential for future competition,” Blanco said in a prepared remark. “The lease with Rainbow Shops, signed just over a year ago, demonstrates solid tenant demand.”
The Shopping Center Group (TSCG) Director Anthony Blanco, Senior Associate Lenard Williams, Marketing Coordinator Mallory Silva and Associate Tyler Freeman marketed the property and represented the seller, a private partnership affiliated with Kimco Realty Corp.
Photos courtesy of The Shopping Center Group