A Los Angeles-based firm paid $19.8 million for a shopping center near the University of Central Florida in Orlando.
LBX Investments paid about $151 per square foot for the shopping center, called Alafaya Commons, near the intersection of Alafaya Trail and East Colonial Drive.
Philip Block, managing partner of LBX, told the Orlando Business Journal that the firm expects to renovate the shopping center.
Built in 1987, Alafaya Commons most recently was renovated in 2015.
Deerfield Beach-based Youfit Health Clubs is a co-anchor tenant of the shopping center together with Academy Sports + Outdoors.
Other tenants include Goodfellas Pizza, GNC, H&R Block, Junior Colombian Burger, Orange County Health & Family and Sunset Christian Preparatory.
Holliday Fenoglio Fowler LP (HFF) marketed the shopping center on behalf of the seller, Jacksonville-based Regency Centers.
HFF also helped LBC obtain a five-year $16.5 million loan with a fixed interest rate from First Florida Integrity Bank.
Alafaya Commons is located at “one of the most vibrant intersections in all of Orlando with about 94,500 cars per day,” Brad Peterson, a senior managing director of HFF, said in a prepared statement.
The shopping center previously sold in December 1996 for $10.2 million to IRT Property. IRT was acquired in 2003 by Equity One Inc., which Regency Centers acquired in March 2017. [Orlando Business Journal] – Mike Seemuth