Brokerage CBRE Group Inc. arranged the sale of a “challenged” Orlando shopping mall anchored by Regal Cinemas, Sears and a separately owned Dillard’s department store.
An affiliate of Ilbak Investments bought the Oviedo Mall, a 554,973-square-foot retail property, located in the Oviedo suburb of Orlando at the interchange of State Road 417 and Red Bug Lake Road.
“The seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community,” Carson said in a prepared statement. “Significant regional retail competition serving Orlando’s northern communities as well as changing department store and mall dynamics have challenged Oviedo Malls’ success since the Great Recession, and to some degree even before then.”
Oviedo Mall totals 950,000 square feet, of which 554,973 square feet were included in the sale. The mall site totals more than 95 acres, 54 acres of which were included in the sale.