ORLANDO—International Drive Value Center, a 185,704-square-foot power center in Orlando, has traded hands. The sale price: $33.25 million, or $179 per square foot.
The HFF investment sales team representing the seller was led senior managing director Brad Peterson, associate director Whitaker Leonhardt, and real estate analysts Michael Brewster and Anthony Frogameni. The retail center is 98.2% leased.
“International Drive Value Center is an iconic fixture on northern International Drive, which is one of the most recognizable and highly sought after entertainment and shopping destinations on the East Coast,” Peterson tells GlobeSt.com. “Orlando's booming tourism industry and overall economic health have had a profound effect on the success of shopping centers across Orlando's tourist corridor, especially International Drive Value Center.”
Multiple national and regional tenants anchor International Drive Value Center, including Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd's Discounts, Five Below, and Dollar Tree. Located at 5295 International Drive, the retail center spans 22.6 acres.
International Drive Value Center is about six miles from Downtown Orlando, 8.5 miles northeast of Walt Disney World and less than one mile southeast from Universal Studios. Weingart Realty Investors sold the asset to DDR Corp.
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