Highline-M Street Venture Acquires Orlando Shopping Center
Built in 1973 and renovated in 2008, anchor tenants include a recently renovated ALDI, Ross Dress for Less, dd’s DISCOUNTS and Big Lots.
ORLANDO—A partnership of Miami-based Highline Real Estate Capital and recently formed M Street Holdings of Palm Beach have acquired the Century Plaza shopping center here in a deal valued at $12.25 million.
The 132,725-square foot retail center is 100% leased and was sold by an unnamed global investment firm, which was represented by Anthony Blanco with TSCG (formerly The Shopping Center Group).
Chris Drew, senior managing director, and Rebecca VanReken, managing director, of HFF arranged financing with Bank United, NA on behalf of the buyers. Situated on 13.52 acres, Century Plaza is located on Semoran Blvd. approximately five miles north of Orlando International Airport. Built in 1973 and renovated in 2008, anchor tenants include a recently renovated ALDI, Ross Dress for Less, dd’s DISCOUNTS and Big Lots. Other tenants include: Shoe Land, Spectrum, Sprint, GameStop and Amscot. Taco Bell and Value Pawn are not included in the transaction. Atlanta-based TSCG will lease and manage the retail asset from its Orlando office.
“Century Plaza represents a rare opportunity to acquire a strong piece of real estate within a dense corridor of Orlando,” says David Milgram, founder, M Street Holdings. “We are excited to partner with Highline as we embark on executing our business plan to unlock value in this asset.” The acquisition of Century Plaza marks M Street Holdings’ first transaction within the firm’s first 100 days. Milgram started the company in January.
The deal also marks the first partnership arrangement between Highline and M Street Holdings.
“The acquisition of Century Plaza fits into our strategy of acquiring well located, Internet-resistant shopping centers with strong fundamentals and additional upside potential,” says David Moret, president, Highline Real Estate Capital. “The shopping center is an outstanding value-add opportunity due to strong tenant performance, below market rents and an attractive basis that is less than half of replacement cost.”
Prior to forming M Street, Milgram served as VP, investments, for Sterling Organization where he sourced and executed acquisitions throughout Texas and Southeast United States. M Street Holdings seeks to acquire and operate value-add retail and mixed-use properties in major markets across the United States.
“Our investor partners consist primarily of high net-worth individuals and family offices,” says Milgram. The firm is pursuing anchored shopping centers, unanchored strip centers and urban mixed-use developments with ground-level retail below multi-family or office space in primary markets.
Since its launch in 2016, Highline Real Estate has acquired six commercial assets valued at approximately $100 million and located in high-growth markets throughout the Southeast including south Florida, Tampa, Fla., Tallahassee and Atlanta.