Two South Florida firms acquired a fully leased shopping center in Orlando for $12.25 million, or $92 per square foot, with a loan from Miami Lakes-based BankUnited.
Palm Beach-based M Street Holdings and Miami-based Highline Real Estate Capital bought Century Plaza, a 132,725-square-foot shopping center about five miles north of Orlando International Airport.
The $12.25 million purchase price is less than half of the estimated cost of replacing the shopping center, according to David Moret, president of Highline.
“As fear of the death of brick-and-mortar retail grows in the market, M Street expects to capitalize on this climate to identify assets, such as Century Plaza, that are well located with below-market rents or vacancy,” David Milgram, founder of M Street, said in a prepared statement.
Century Plaza, a 13.52-acre property on Semoran Boulevard, was built in 1973 and renovated in 2008. The location is within a 10-minute drive of 160,000 Orlando residents in an area where annual household income averages $62,000.
Tenants of the shopping center include ALDI, Ross Dress for Less, dd’s Discounts, Big Lots, Shoe Land, Sprint, Gamestop and Amscot.
The Orlando office of Atlanta-based TSCG will handle leasing and property management at Century Plaza.
Started in 2016, Highline has acquired six commercial assets valued at about $100 million. M Street Holdings is a real estate investment firm focused on retail and mixed-use properties in densely populated markets. – Mike Seemuth