xml:space="preserve">
Pleasant Hill Center comprises two retail buildings totaling nearly 46,000 square feet, at one of Kissimmee's busiest intersections.
Pleasant Hill Center comprises two retail buildings totaling nearly 46,000 square feet, at one of Kissimmee's busiest intersections. (Marcus & Millichap)

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.

Advertisement

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."

Pleasant Hill Center was sold Friday for just over $5 million to the owner of an Orlando trucking business.
Pleasant Hill Center was sold Friday for just over $5 million to the owner of an Orlando trucking business. (Marcus & Millichap)

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.

The FDOT rendering shows what the northbound lanes of Pleasant Hill Road will look like after the "flyover" turn lanes are built.
The FDOT rendering shows what the northbound lanes of Pleasant Hill Road will look like after the "flyover" turn lanes are built. (FDOT)

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."

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.

Advertisement
Advertisement
Advertisement