TSCG Arranges Sale of Orlando Regional Shopping Center
- Mar 30, 2017
Orlando, Fla.—The Shopping Center Group (TSGC) recently announced the sale of Town Center Shoppes, a 64,500-square-foot shopping center in one of Orlando’s most popular submarkets. A private entity purchased the property for $16 million. TSGC worked on behalf of the seller, an affiliate of Gemini Real Estate Advisors.
Located about 2 miles east of Orlando’s Eastern Beltway, adjacent to Oveido on the Park, the shopping center is at the intersection of W. Mitchell Hammock Road and S. Central Avenue. Anchored by a 44,000-square-foot LA Fitness that recently extended its lease for 15 years, Town Center Shoppes was 95 percent leased at the time of sale. Delmonico’s Steakhouse is slated to replace Outback Steakhouse.
“Retail occupancy rates and market rents have been increasing, while the pace of new development has slowed considerably. Couple that with a favorable economic climate, low cap rates, as well as low interest rates and the picture continues to be favorable for retail investing, particularly for those centers occupied by national credit tenants like Town Center Shoppes,” said TSGC Director of Investment Sales Anthony Blanco, in a prepared statement.
Completed in 2000, Town Center Shoppes is close to more than 1,100 multifamily units. Roughly 54,000 residents with an average household income of approximately $90,000 reside within three miles of the retail center. The market is also infused daily with nearly 16,500 employees from surrounding communities.
At the end of last year, TSCG also arranged the sale of Duluth Highway Shops, a newly built, un-anchored retail center in Lawrenceville, Ga.
Image courtesy of The Shopping Center Group