WCOT Glen Brook Commons Florida, an LLC of a Prudential Real Estate Investment Trust, sold Glenbrook Commons, a strip shopping center with a total of 72,339-square-foot in the Four Corners area of South Lake County, for $6.6 million on Dec. 19.
The buyer of the center at 1714 U.S. 27, near Clermont, was CR Glenbrook LLC, linked to Continental Realty Fund IV out of Maryland.
Neither buyer or seller could be reached this week for comment on the purchase. However, the neighborhood center is listed for lease on LoopNet with seven spaces totaling 11,300 square feet in vanilla shell condition available.
A CVS and an Advanced Auto Parts are already open in the center. An unconfirmed grocer is expected to anchor the center. Jason Reisman, the leasing representative, did not return calls for comment.
The sale shows property values rising in the Four Corners area of Lake.
The 16.4-acre property was last sold for $5.45 million in 2007. It was vacant at the time. The three buildings, totaling 72,339 square feet, were built in 2009, according to property appraiser records. The center has three buildings, one an anchor with 57,979 square feet, a strip center with 7,000 square feet, and a one-story freestanding building of 7,360 square feet.
The center was the second in the area to be sold since March. Sunrise Plaza, a neighbor to the south at 1529 Sunrise Plaza Dr. in Clermont, was bought from HH Sunrise Plaza LLC, an affiliate of Harvest Holdings by KK Real Estate VI LLC, an affiliate of Manjit Real Estate Investment in Winter Haven.
That center had 9,600-square feet, sits on a 1.22-acre lot and was fully leased when it sold for $1.2 million, a 43 percent increase since its previous sale.
Both centers are within five miles from Disney World in the Four Corners area where Lake, Osceola, Orange and Polk counties meet.
Have a tip about Central Florida development? Contact me at email@example.com or 352-455-1955. Follow GrowthSpotter onFacebook,TwitterandLinkedIn.