Charlotte firm enters Orlando market via $26M I-Drive purchase

A Charlotte-based CRE firm with commercial properties throughout Florida entered the Orlando market with the purchase of the International Drive Value Center.

Collett paid $26 million for the shopping center, which abuts the Fun Spot amusement park on one side and Artegon Mall on the other.

The shopping center was built in 1995 and has a total of 605,760 square feet. The plaza is home to several big-box retailers, including Ross, TJ Maxx and Bed, Bath & Beyond.

Collett currently owns two retail centers in Melbourne and Port Orange and is building a 117,000-square-foot shopping center in Cocoa Beach that would be anchored by Academy Sports and Hobby Lobby, according to leasing materials. The firm sourced an $18.7 million loan from TD Bank for the Orlando acquisition.

The seller was Retail Value Inc., an independent a publicly traded company on the New York Stock Exchange. Net proceeds were used to repay mortgage debt associated with RVI, according to a statement released at the end of trading Monday.

RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets.

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