ORLANDO-Neighborhood retail centers continue to be in demand by local and national investors ready to pay top dollar for a sound, revenue-producing asset, according to brokers in the local office of Advantis Real Estate Services Co./GVA.
The Pocklington, Pocklington & Forster Retail Investment Group at Advantis negotiated a $3.58-million sale of the 100%-leased, 13,988-sf Lake Mary Center purchased by DAG 2, LLC, which was represented by Ronald W. Osborne in Marcus & Millichap's Fort Lauderdale office. The Pocklington Group represented the seller.
The buyer paid owner Lake Mary Center Associates a premium $255.83 per sf for the six-year-old property at 4024 W. Lake Mary Blvd. in suburban Lake Mary, an office-retail hot spot 20 miles north of Downtown. (Another 342,384-sf property with the same name at 3697 Lake Emma Rd., Lake Mary, owned by Equity One Inc. of North Miami Beach is not part of this transaction.)
"It's a great little property in an extremely strong retail submarket," says Jeffrey L. Pocklington. Broker Martin Forster, who also worked on the deal with Pocklington, tells GlobeSt.com the Lake Mary submarket is "extremely strong with vacancy running at about 1% for the last two to three years."Advantis will manage and lease the center. The average asking base rent is $24.50 per sf on a triple net basis. Tenants include Hollywood Video, with a small sub-tenancy from them to Papa John's Pizza; Starbucks; UPS Store; Coconuts Cuban Restaurant; and Wyl Enterprises' hair-dressing salon.
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