KISSIMMEE, FL-A 35,309-sf neighborhood shopping center in the center of this city's tourist corridor has generated a premium per-sf-price of $240.73. The 92%-leased property is about 10 miles south of Walt Disney World.
A private New Jersey-based investment group paid International Promenade Inc. $8.5 million for the property at the northwest corner of West Irlo Bronson Memorial Highway (US 192) and Vineland Road (State Road 535). The Pocklington, Pocklington and Forster Retail Investment Group in the Orlando office of GVA Advantis brokered the deal.
PP&F partner Martin Forster tells GlobeSt.com the seller received 100% of the asking price. "The price per sf we obtained for International Promenade was strong for the Kissimmee market, but the center's income justifies it," Forster says.
"The decision of [West Palm Beach] developer Rob Miller to move ahead with plans for his $4-billion, 1,600-acre Legacy Resort, right across the street, indicates a strong future for International Promenade and the properties around it," he adds.
Among the center's tenants are Cattleman's Steak House, Flipper's Pizza and a Sony electronics store. PP&F partner Michael Pocklington calls the property "excellent…with tremendous visibility and almost no deferred maintenance in an area that's going from strength to strength."
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