Florida Capital Markets Group represents seller, secures foreign buyer for 96 percent leased shopping plaza
Orlando, FL — Avison Young’s Florida Capital Markets Group closed the $23.8 million sale of Good Homes Plaza, a 165,741-square-foot neighborhood shopping center with multiple anchors including Publix located at 8805-8995 W. Colonial Drive in Ocoee (Orlando), Fla. Avison Young’s John K. Crotty, CCIM, Principal; Ray Hayhurst, Senior Vice President; Steve Tanner, Senior Vice President; and Joshua Ladle, Senior Associate; successfully secured Canadian-based buyer, Slate Retail REIT, and sold the 96 percent occupied retail center on behalf of the seller, IMC Equity Group, a North Miami based commercial real estate company owned by Mr. Yoram Izhak.
Good Home Plaza’s impressive and highly diverse tenant roster boasts necessity-based retailers – multi-anchored by Publix, Pet Supermarket, and Beall’s Outlet Store – which positions the center for economic resiliency.
“In West Orange County, the retail market has been positively affected by population and tourism growth in the metro area,” said Crotty. “This, coupled with Good Homes Plaza’s winning location off of one of the area’s high-trafficked roadways attracted the ideal buyer who will benefit from long-term cash flow due to strong in-place tenants.”
Good Homes Plaza sits on Colonial Drive, one of Orlando’s major east/west thoroughfares and a primary commercial artery leading to Downtown Orlando. The retail center serves a substantial population of 248,792 within a 5-mile radius. Newly renovated decongested roadways and three ingress/egress points provide visitors with easy access to the property.
“Despite concerns about big box retailers, we successfully secured a qualified Canadian buyer for this sale which demonstrates our reach and ability to attract international buyers to assets on behalf of our clients,” said Hayhurst.
Avison Young’s operations provide best-in-class services to local, national and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information, please contact Mr. Crotty at (305) 447-7865 or Mr. Tanner at (407) 440-6652 or visit www.avisonyoung.com.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 80 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing, and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family, and hospitality properties.