A group of family investors affiliated with Atlanta-based Olympic Property Management has purchased a south Orlando shopping center at 8205 John Young Parkway with 154,000 square feet of conditioned space in two buildings for a recorded $16.6 million.
The buyers, under entity BZA FH Sand Lake LLC, are making the Sand Lake Corners shopping center their fifth commercial holding and first in Orlando. The seller, an affiliate of Dallas-based Tabani Group, had purchased the property four years ago for nearly $15.6 million according to county records.
Nearby businesses and the employees they bring to the area, where John Young Parkway and Sand Lake Road intersect, drew interest for the investment group rather than being in a residential-heavy area, according to a representative of Olympic, which will manage the property. Orlando's growth and the development of Universal property to the west also appeals to the group, which focuses on retail- and restaurant-oriented commercial properties.
Anchors include PetSmart and Old Time Pottery. The property sits beside a Walmart and behind several outparcels.
John Bell, managing director for capital markets at Transwestern in Miami, brokered the sale.
Tabani Group lists 1501 Meeting Place in Baldwin Park as its remaining Orlando holding, according to its website. That property is anchored by Publix and Seito Sushi Japanese restaurant.
In a nearby sale recorded Friday, a 1.54-acre parcel on Destination Parkway just west of John Young Parkway to an affiliate of Windermere-based Equity Ventures for $2.03 million from an affiliate of NorBridge Properties.
Other nearby activity during the last year includes:
- Across John Young Parkway from Sand Lake Corners, Central Florida Chrysler Jeep Dodge Ram sold earlier this week for a recorded $24.6 million. That transaction marks Morgan Automotive Group's entry into the Metro Orlando market.
- Expanding its commercial footprint in Dr. Phillips, Miami-based Orion Real Estate Group paid $9.6 million in February, buying the ground-floor retail segment of a prominent apartment building on Sand Lake Road right next to a mixed-use property it already owns.
- Spring Bay Property Company, a Sarasota-based real estate investment and development group self-described as a multifamily and hotel developer, paid $6.6 million in December for 14 acres along the unfinished portion of Destination Parkway. Spring Bay is made up of private investors that include principal Kevin Fitzpatrick.