ORLANDO-MSKP Casselberry Exchange LLC has acquired the 119,168-sf Casselberry Exchange Shopping Center for $25.25 million, or $212 per sf. The seller was Casselberry Associates LLC, which is a private equity group based in Canada and Puerto Rico.

The seller was represented by Tampa-based Plaza Advisors managing partner Jim Michalak. The buyer, a fund established to acquire retail assets, was not represented by a broker. "The seller has overseas interest and a lot of land to develop," Michalak says. "The property was sold to facilitate the redeployment of capital."

Constructed in phases from 2000 to 2006, the center is located at the intersection of State Road 436 and US 17/92. The center's tenants include Bed Bath & Beyond, Staples, Sally Beauty, Quizno's, EB Games, Mattress Firm, State Farm, T-Mobile and Amscot. Outparcel tenants includes Starbucks, Floors Today, 7-Eleven and Donatos Pizzeria. Space rents for $22 to $28 per sf.

The buyer acquired the property due to its location and the future development of a major big box retailer on land contiguous to the center. "The buyer acquired it as an investment for cash flow and plans to hold it long term," Michalak says. "It's a highly visible and stable property which is well located."