ORLANDO-Goodings Plaza, an 82,026-sf retail center at 8201-8291 International Dr., moves to a new portfolio in a $22-million deal.

Irvine, CA-based Faris Lee Investments president Richard Walter and managing director of the investment advisory group Donald MacLellan represented both the seller BP-RP Universal LLP, an affiliate of Los Angeles-based RP Properties, and the buyer locally based Unicorp in the transaction.

Built in 1992, Goodings Plaza is located on an 11.77-acre parcel. Among tenants are Gooding's Supermarket, Charley's Steak House, the Crab House and Ripley's Believe it or Not! The property sold at a cap rate of 6.5%, a lower cap rate than other retail properties in the area, and for $270 per sf, which is higher than average for comparable properties. "Faris Lee aggressively marketed the three parcels to its buyer database with a particular focus on local Florida investors as well as strong prospects on the East and West Coast," Walter says.

Among challenges of the deal included the fact that Goodings Supermarkets declared bankruptcy while the property was being marketed. "Since Goodings Supermarket was an anchor tenant in the center, a bankruptcy in most cases would have posed a major setback," MacLellan says. "The buyer that the seller selected had a prior relationship with Goodings Supermarket and we worked as a team to address the situation on both tenancy and financing levels."

Among reasons for the sale are the strong demographics in Orlando, which is projected to grow in population by 14% over the next five years. This compares with a projected 9.3% statewide and 5% nationwide. In addition, Orlando tourism is strong with approximately 40 million visitors each year, of which approximately 23 million are from outside Florida including 3.5 million international visitors, according to Faris Lee.