Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $6 million sale of East Orlando Shopping Center, a 131,981-square-foot, grocery-anchored shopping center in Orlando, Florida.
HFF arranged the sale on behalf of the seller, Kimco Realty Corp. Mishorim Gold East Orlando L.P. purchased the asset free and clear of existing debt.
Situated at the “Main and Main” signalized intersection of East Colonial Drive (State Road 50) and North Semoran Boulevard (State Road 436), East Orlando Shopping Center is located at 989-1007 North Semoran Boulevard and boasts a combined traffic count of 116,000 vehicles per day. The center is anchored by Bravo Supermarkets and Florida Career College and is home to shop tenants, including Amscot and Pizza Hut. The trade area includes Orlando Fashion Square Mall and is among the largest retail nodes in central Orlando, serving residents of downtown and the surrounding communities. The 10.2-acre property includes two additional parcels totaling two acres, which are on ground leases.
The HFF investment sales team representing the seller was led by senior managing director Brad Peterson and associate director Whitaker Leonhardt.
“The sale of East Orlando Shopping Center is a strong indicator of the depth of retail investors searching for value-add infill opportunities,” Leonhardt said. “There were nearly a dozen groups that submitted offers to acquire the asset, with the eventual buyer being selected based on their competitive terms and successful track record buying from public companies.”
About Kimco Realty Corp.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New
Hyde Park, New York, that is North America’s largest publicly-traded owner and operator of open-air shopping centers. As of March 31, 2016, the company owned interests in 550 U.S. shopping centers comprising 88 million square feet of leasable space across 36 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
