ORLANDO—Parkway Plaza has a new owner—and it's strategic location may have helped it turn investor heads. The 65,000-square-foot shopping center is a half-mile from Orlando's The Mall at Millennia. The retail asset sold for $8.5 million.

CREC chairman Warren Weiser and senior vice president Harry Blyden represented the property's seller, a Tenant-in-Common (TIC) ownership group managed by Los Angeles-based National Asset Services. The group acquired the retail center in 2004. The buyer was J-9 Land Partners, a private investment firm based in Ormond Beach, Florida.

“When it comes to neighborhood shopping centers in Florida, grocery-anchored properties remain the most desirable acquisition targets among institutional buyers and private investors alike,” says Blyden. “The strong sale price secured by Parkway Plaza is a good indicator that buyers are willing to pay for income-generating retail centers located in close proximity to dense residential areas.”

According to CREC, a 95% occupancy rate at the time of sale was among the factors that led to Parkway Plaza's sale. Current tenants include Publix Supermarket, Chase Bank, Radio Shack, Subway, and Little Caesar's, creating stable in-place cash flow for the new ownership group.

The retail property is located at the crossroads of Americana Boulevard and John Young Parkway, near Interstate 4. The shopping center sits within a large, densely-populated residential neighborhood, with more than 70,000 vehicles passing by each day.