A strip center near Millenia Mall in Orlando just sold for $8.2 million.
According to a deed recorded Wednesday in Orange County, the Oak Ridge Crossings strip mall was bought by an entity tied to one of its anchor tenants, Bravo Supermarket.
The buyer, 4065 Velcafe LLC, is led by grocery store operators Cesar Ramirez and Marino Abreu. The partners entered the Florida market in 2003 when they opened a small Bravo grocery store in Orlando. According to the Business Observer, the partners had previously operated grocery stores in New York City.
Fast forward to today and the partners (doing business as Oakridge Farm Food Corp.) now collect rent from about a dozen tenants including Family Dollar Store, Grow in Preschool and Rent-A-Center East.
Built in 1990, Oak Ridge Crossings at 4015-4077 W Oak Ridge Rd. features more than 81,500 square feet of rentable space including an outparcel leased to a Chinese restaurant called La China Blue. It sits on about 7.8 acres of land directly east of Orlando International Premium Outlets.
Retail Asset Management's Paul Cooley and Wayne Purdy represented the seller in the deal. Cooley said the shopping center sold nearly 90 percent occupied with a majority of the tenants undertaking long-term leases.
The firm plans to continuing marketing the property on behalf of the new owners, Cooley said, and expects to ink deals for the remaining two units within the next eight months.
The seller, a company tied to New Jersey-based Starwater Group, paid $2.52 million for the property in 1998. The site is near the I-4 Ultimate project's flyover bridge that will link Grand National Drive across the interstate to Caravan Court, a block from one of the main entrances of Universal Orlando.
Nearby Cincinnati-based North American Properties is in the midst of delivering a new 16.5-acre mixed-use project leased to tenants including Bahama Breeze, Longhorn Steakhouse, Starbucks and U.S. Gift Factory, a local business owned by the family of Elevation Development's Owais Khanani.
Editor's note: This story has been updated to include a $300,000 sale of an outparcel as well as comments from the brokers.