MIAMI—In an example of how retail real estate investors are looking to secondary and even tertiary markets, College Station Retail Center in Clermont, FL has traded hands. The retail asset, which is in an Orlando suburb, sold for $11.5 million.
Jim Michalak of Plaza Advisors represented the seller, REDUS Florida Commercial, LLC, in the deal. Clermont College Station, LLC, a private equity firm, acquired the retail property.
The retail center spans 65,460 square feet of gross leasable area and includes several national, anchor, inline and outparcel tenants. Key tenants are Office Depot, Petco, Starbucks, Chick-fil-A, BB&T, Steak 'n Shake, Subway, and Chili's.
“Clermont's anchored retail center occupancy rate is 97.3% and is indicative of the strength of trade area” says Michalak. “The transaction opportunity presented several hurdles including the master ground lease and an over-sized Office Depot store. However the strength of the location, credit tenancy and the future development component were attractive aspects for investors that submitted bids on the project.”
Constructed in phases from 2005 to 2009, College Station sits on an 18.2-acre master ground leased parcel. The asset is 100% leased. A 1.96-acre expansion parcel was included in the sale. Traffic counts averaged nearly 53,000 vehicles per day.
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