Plaza Advisors Brokers Two Orlando Shopping Center Deals

ORLANDO, FL—The Phillips Village and East Towne Center shopping centers here have changed hands.

Plaza Advisors, which represented the seller in both transactions, reports that the Phillips Village shopping center in Orlando was acquired by Portland Investment Co. from Weingarten Realty Advisors for $18.75 million. The 66,218-square-foot shopping center is located contiguous to a 219,814-square-foot Walmart Supercenter. Tenants at Phillips Village include: Planet Fitness, Dollar Tree, Mattress Firm, GameStop, Sally Beauty, Ideal Image and Sprint. The center was constructed in 2007 and was 95% leased at the time of sale.

East Towne Center, a Publix Supermarkets-anchored property located in the Orlando suburb of Clermont, was acquired by the grocer from Regency Centers. The property contains 69,840 square feet of space. Tenants at the property include: Chase Bank, Pizza Hut, Publix Liquors, Hair Masters and The UPS Store. The project was built in 2003 and was 92% occupied at the time of sale. No financial terms of the transaction were released.

Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller in the transactions. No other brokers were involved in either sale.

Commenting on the Phillips Village deal, Plaza Advisors' Cvetetic says, “Phillips Village resides in a very strong trade area with the vast majority of assets owned by institutional entities. The property is within two miles of numerous tourist attractions, the convention center and more than 13,000 hotel rooms. The retail trade area occupancy level is 98.2% and the competitive retail rents average $31.63-per-square-foot, which are some of the highest rents in the Orlando MSA.”

Castellano says that Publix “was a logical buyer” for the East Towne Center property. “The Publix store sales volume is very high, the inline space rents are poised for growth and the 5,600 square feet of vacant space provides for income upside,” he says.