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Canadian company buys portions of Target-anchored shopping center in Kissimmee

A Montreal real estate company recently purchased the Kissimmee West strip mall for $19.4 million. The shopping plaza on W192 is anchored by a 185,000-square-foot SuperTarget, which was not included in the sale.
A Montreal real estate company recently purchased the Kissimmee West strip mall for $19.4 million. The shopping plaza on W192 is anchored by a 185,000-square-foot SuperTarget, which was not included in the sale. (Osceola County)

A Montreal real estate investment company is adding to its Florida portfolio with the purchase of 120,000 square feet of retail space on Kissimmee's W192 corridor.

Colterra Capital, through an Florida affiliate, paid $19.4 million this month for the Kissimmee West strip center, which was developed by Sembler. The acquisition included four separate parcels - but not the 184,600-square-foot SuperTarget. Tenants include Jo-Ann's, Marshalls, Skechers, Lane Bryant, rue 21 and Dollar General.

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"The property was attractive to us because of the location and the quality of the tenants," Colterra President Robert Berger said. He told GrowthSpotter the company is actively looking for more retail assets in Florida.

"We'll go pretty much anywhere except southeast Florida - it's just too expensive," Berger said. "But everywhere else from Naples up to Orlando and Jacksonville. We have a lot of Canadian investors."

Everbank provided $13.6 million in financing to Colterra.

Find out which developer has plans to start construction by the end of the year on a 13K SF drug store, and sell a neighboring hotel pad.

The seller was Ramco-Gershenson Properties Trust, a publicly traded REIT based in Farmington Hills, Michigan.

Following a $22 million-land buy in early June, Intram progresses on lining up retail and apartment partners for a major 238-acre development in Kissimmee.

Kissimmee West is Colterra's third Florida retail plaza. The company paid $11.6 million for a shopping center just outside of Manatee County's Lakewood Ranch community in 2014. The company also paid $5.77 million for the Terrace Oaks shopping plaza in Tampa.

A French family sold their B&B and winery in the south of France and plan to open a luxury boutique hotel on Lake Cecile off US 192 W.

Editor's note: This article has been updated with comments from Colterra President Robert Berger.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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