UPDATED: JUNE 22, 09:45 AM — 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.
"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.
The seller was Ramco-Gershenson Properties Trust, a publicly traded REIT based in Farmington Hills, Michigan.
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.
Editor's note: This article has been updated with comments from Colterra President Robert Berger.