Maitland-based Equinox Development Properties just sold the fourth and final piece of its newly developed retail center that borders Valencia College West.
According to a deed filed in Orange County Thursday, a company tied to CIM Group subsidiary Cole Capital paid $10.8 million for a two-story, 38,000-square-foot retail building within the Kirkman Station shopping plaza.
The building was completed about four months ago and is leased to the San Ramon, California-based fitness chain 24 Hour Fitness.
Rising up around the gym is a Bravo Supermarket store being developed by grocery store operator Cesar Ramirez. Using the LLC Cram Holding, Ramirez paid $1.15 million for the 1.62-acre site in early June. The store is slated to span up to 20,000 square-feet.
This would be the first Bravo Supermarket store to be built from the ground up in Central Florida, Zack McNamara of Liberty Universal Management, said in an email exchange. McNamara has worked on several deals with Ramirez in the past.
A 6,100-square-foot Wawa fuel service and convenience store is already built along with a 2,000-square-foot Arby’s quick-service restaurant. Equinox sold the land for the two buildings in June and August for roughly $7.2 million, meaning its total sellout amounts to nearly $20 million.
Kirkman Station sits on a roughly 10-acre lot on the southwest corner of S. Kirkman Road and Raleigh Street. The retail center boasts more than 3,300 multifamily units within a half-mile radius, according to online marketing and leasing material by Colliers International.
Just this week, TruAmerica Multifamily paid $64 million for the 472-unit Island Club Apartments complex, just down the road, with plans for renovations.
Equinox has developed a wide range of retail and mixed-use properties across Florida. It’s currently planning the redevelopment of the City of Altamonte Springs’s City Hall and municipal complex.
Ryan Stahl, president and CEO of Equinox, told GrowthSpotter the deal was a long-time planned process in what was originally intended to be just a Wawa store.
Negotiations with the city made apparent that the entire site would have to be developed, Stahl said. “There was not a lot of new development in the Metro West, but once 24 Hour Fitness came along the development came together quiet nicely.”
In 2017, Cole Capital (previously VEREIT‘s investment management business) was sold by VAREIT to CIM in a deal worth up to $200 million.
VEREIT specializes in owning and managing single-tenant commercial properties across the nation.
The firm, previously known as American Realty Capital, picked up some heat for doctoring a second quarter report in 2014 to meet Wall Street forecasts. It has since been settling legal claims in relation to the accounting fraud with its former CFO Brian Block, who was convicted on six counts of fraud in 2017.
The company denies any wrongdoing and is working with the U.S. Securities and Exchange Commission to resolve civil charges, according to previous reports.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
