ORLANDO-Local businessman and former state legislator Arthur Grindle has sold the 29,442-sf Central Park Plaza to a locally based private investment group for $4.2 million. The 100%-leased property is at 1701 W. Oakridge Rd.

The plaza was one of Grindle’s original wheel ranches, an alternative name he preferred to use for his car dealerships. It was built in 1979, with two wings added later. The Pocklington, Pocklington and Forster Retail Investment Group of Advantis Real Estate Services Co., a GVA Worldwide partner, brokered the deal for the buyer and the seller.According to Martin Forster, Grindle put the property on the market in a bid to organize his portfolio and the deal closed slightly below the $4.25-million asking price. He adds there was a lot of interest in this property, which falls into the group’ niche: 10,000-sf to 80,000-sf unanchored retail properties.

Forster explains to GlobeSt.com the sale was a “quick” deal, from start to finish, because there was “no fresh, outside mortgage.” Typically, deals of this kind average 30 to 45 days of due diligence with a 30-day closing, he adds.

Occupancy at Central Park Plaza has been steady, Forster says, and there are “fairly major leases coming up for renewal.” One tenant, Connie’s Bar, occupies approximately 5,500 sf and its lease is up for renewal in August. Pocklington, Pocklington and Forster Retail Investment Group, which will manage the property on behalf of the new owner, plans to sign the bar to a triple net lease, and in time convert all the leases to triple net leases, Forster explains.

The $142.65-per-sf price for Central Park Plaza is in line with similar retail property sales within a two-mile radius of Oakridge Road over the past three years, according to GVA Advantis.

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