The owner of a Domino's takeout restaurant in Buenaventura Lakes went from tenant to landlord this week after paying $1.55 million to buy the shopping center at 1904 E. Osceola Pkwy.
The strip center, built in 1997, features 11,880 square feet and is fully leased.
"It's in the retail core of the BVL area, and all the surrounding properties are owned by REITs," said Brian Capo, retail specialist with Marcus & Millichap, who partnered with John Krzyminski to represented the seller, Parkway Investment Properties, the property's original developer.
He told GrowthSpotter the property has long-term tenants, mostly neighborhood commercial uses, but the rents are below the market average for the area.
"It's a value-add play through rental increases," he said. "The day-one cap rate was good, and it has a strong upside. As those leases expire, the new owner will have the ability to renegotiate with those tenants -- or find new tenants."
Fairwinds Credit Union provided a $1.125 million balloon mortgage to Snowball Properties to finance the purchase.