An Orlando trucking business owner paid $5.075 million on Friday for 46,000 square feet of retail space at one of Kissimmee's busiest intersections.
Vlado Ivetic, vice president of Ivetic Trucking, is the new owner of Pleasant Hill Center at the southwest corner of Pleasant Hill Road and John Young Parkway (U.S. 441). The shopping center consists of two buildings -- one fronting on each of the major roads -- with 19 tenant spaces.
Marcus & Millichap's Brian Capo and Luke Watson represented the seller, developer Randy Sheive, who built the shopping center in 2006.
The list price was $5.5 million. "We felt confident we could get at or above $5 million," Watson said. "We brought it out with a little bit of a cushion."
Capo said the amount of traffic at the intersection was both a blessing and a challenge in marketing the property. One advantage was that the shopping center has multiple access points from both major roads.
"That corner gets 106,000 vehicle trips per day," Capo said. "Anyone who knows that area knows the traffic backs up all the way to Emmett Street. It's ridiculous."
The Florida Department of Transportation is wrapping the design phase for a $91 million intersection improvement that involves building an elevated, two-way turn lane.
FDOT will also add one travel lane in each direction, bike lanes and signalization improvements. The project is funded for right-of-way acquisition in FY2019 but not funded yet for construction.
Capo said misconceptions about the "flyover" lane caused some confusion about the status of the shopping center. But the final intersection design will end up improving access to the site because it will remove the through-traffic from the grade-level lanes.
"We had a lot of interest in this asset," Capo said. "We showed it 10 times. This contract was all cash with 30 days to close."