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ORLANDO-American Federated Title Corp. has acquired the 131,655-sf Colonial Promenade Bear Lake shopping center at 3030 E. Semoran Blvd. for $20.6 million, or $156 per sf. The seller was Colonial Realty LP.

Jack Holly, a senior investment associate in the local office of Marcus & Millichap, repped the deal. The 11.86-acre shopping center sits along one of the main retail arteries through both Orange and Seminole counties and is within close proximity to upscale communities and the Altamonte Mall.

Holly tells that the seller was a REIT that operates in the Southeast and was looking to reposition of its assets. The property received 15 offers within three weeks. “It’s a good-looking property in a good location,” he says. “It has 1,000 feet of frontage on a major east-west thoroughfare and has 35,000 cars a day pass it.”

The property was 99% leased at the time of the sale with tenants including Tuesday Morning, Quinoa’s Subs, Blockbuster Video, Allstate, Burger King, Chick-Fil-A and Carvel Ice Cream. “The property offered the investor a rare opportunity to acquire one of the premier retail anchored centers in the Central Florida Marketplace,” Holly says.

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