Miami-based commercial real estate firm Orion Real Estate Group just bought the Tourist Plaza shopping center across from Icon Park in Orlando’s tourism corridor for $20.5 million.
The off-market deal for the 49,144-square-foot retail plaza at 8580 International Dr. breaks down to about $417 per square foot.
The seller, Tourist Plaza LLLP, purchased the property in 1990 for $4 million. The entity is led by companies managed by Bassel Maali and Khurram Sheik.
The partners began developing the shopping center shortly after acquiring the site in the early 1990s. At the time, much of the attractions that have come to define the region like Unicorp’s glowing 400-foot observation wheel, Icon Orlando 360, had yet to be developed.
Tenants at Tourist Plaza, include restaurant chain Tony Roma’s, gift shop store Bargain World and bar and restaurant chain Bar Louie.
John Krzyminski, a senior vice president at JLL, and his brother Max Krzyminski, a senior associate, brokered the deal.
John Krzyminski, told GrowthSpotter the shopping center sold fully leased.
“Finding a commercial property south of Sand Lake Road is a rarity, especially something of this size,” John Krzyminski said. “It’s really a great trophy asset for any portfolio.”
Orion Real Estate Group sourced a $13.7 million loan to finance the deal from Transamerica Life Insurance Company to acquire the property.
According to a traffic study used by JLL, the location gives tenants exposure to roughly 27,000 vehicles daily, but more are expected thanks to a high amount of construction activity and proposed projects in the area.
The shopping center sits north of the Avanti Resort at 8738 International Dr., which is currently preparing to expand with the addition of a new 21-story boutique hotel and parking garage.
Orion Real Estate Group has been busy acquiring and selling off its properties. The firm is currently coming off a hot third quarter, in which it sold ten properties for more than $13 million and purchased 11 properties for more than $41 million, according to a press release issued earlier this week.
The most recent deal expands its footprint in Central Florida.
Since its inception in 1978, Orion Real Estate Group has been involved in more than $3.5 billion in transactions. According to press release, it’s currently searching to acquire properties for its 2019 investment fund.
The company owns properties throughout the United States and Canadian provinces. Its portfolio is valued at more than $700 million, according to its website.