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Kissimmee Domino's owner goes from tenant to landlord

The owners of a Kissimmee Domino's franchise bought their retail space, along with the rest of the shopping center on E Osceola Parkway, for $1.55 million.
The owners of a Kissimmee Domino's franchise bought their retail space, along with the rest of the shopping center on E Osceola Parkway, for $1.55 million.(Marcus & Millichap)

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.

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"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.

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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