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ORLANDO-University Palms Shopping Center, an eight-year-old, 100%-leased, 99,172-sf property near the University of Central Florida campus, has been sold for one of the highest per-sf retail prices this year and at a capitalization rate of 8.8%.

Watkins Development Co. of Atlanta sold the eight-year-old center to Melbourne Shopping Centers Inc. of West Palm Beach, FL, headed by Paul Hanna and Hank Porcher, for $10.86 million or $109.57 per sf. The 12.12-acre property at 4250 Alafaya Trail is anchored by a Publix supermarket and was developed in 1994.

The Tampa and Orlando offices of Marcus & Millichap Real Estate Investment Brokerage Co. handled the transaction.

One of the highest per-sf prices reported by GlobeSt.com in the metro Orlando market in the last two years was the May 2001 sale of one of the smallest retail properties as well. S.O.M. Investors Inc. paid S.O.M. Partners Ltd. $2.86 million or $121.79 per sf for the 11-year-old, 87%-leased, 23,516-sf Shoppes at Maitland in suburban Maitland, FL.

Right behind in per-sf-price prominence was the estimated $13.44 million or $120-per-sf price Houston-based Weingarten Realty Investors paid Lake Washington Square Ltd. of Melbourne, FL in July of this year for the 17-year-old, 98%-leased, 112,000-sf Lake Washington Square shopping center, 60 miles southeast of Downtown Orlando.

Weingarten also paid what is believed to be the highest per-sf-price this year for a retail property when the Texas REIT acquired the 31-year-old, 94%-leased, 234,447-sf Northbridge Shopping Center in the Fort Lauderdale, FL suburb of Oakland Park for an estimated $35 million or about $150 per sf. The sellers were AMB Property Corp. of San Francisco and the Lefmark Group of Miami.

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