West Colonial Oaks Mall Sells After Only Three Months on the Market
- Jun 24, 2016
Orlando. Fla.—Avison Young announced the sale of West Colonial Oaks shopping center to Triarch Capital Group for $16.5 million. The transaction took place 90 days after the property hit the market. John Crotty, certified commercial investment member and principal, Joshua Ladle, associate, Steve Tanner, senior VP, and Ray Hayhurst, senior VP, represented the seller, Noble Properties.
West Colonial Oaks Mall offers more than 160,000 square feet of retail space, with a current occupancy rate of 91 percent. The shopping center is located in a heavily-trafficked area at 7150-7300 W. Colonial Drive in Orlando, Florida, near State Road 408—Orlando’s East/West Expressway. Area demographics show there are over 125,000 inhabitants within a three-mile radius.
“Due to direct access to West Colonial Oaks, there is significant cross-shopping and positive synergy between The Home Depot and the center’s retail tenants. We identified this attribute–in addition to the convenient location of the property in the heart of the vibrant West Colonial submarket of Orlando–as important in attracting the buyer which will undoubtedly in turn draw retailers interested in leasing the few remaining bays,” Joshua Ladle said in a prepared statement.
The tenants at West Colonial Oaks include Office Depot, Olive Garden, and The Home Depot as a shadow-anchor.