UPDATED: June 12, 2017 10:30 AM — A Michigan anesthesiologist and real estate investor is expanding his growing Orlando-area portfolio with the $4 million acquisition of a strip center on Kissimmee's W192 tourism corridor.
Harbhajan Singh and his wife, Shanti, purchased the Celebration Plaza shopping center at 5455 W. Irlo Bronson Memorial Highway through an affiliate company on May 24.
HFF arranged the sale on behalf of the seller, TriGate Capital. The HFF investment sales team was led by associate director Whitaker Leonhardt and senior managing director Brad Peterson. Gregory Newman, principal with Keystone Commercial Real Estate, represented the buyers.
The strip center has about 21,000 square feet and sits on 2.35 acres directly across W192 from the proposed $1.7 billion Magic Place development, which is expected to break ground this summer. Tenants include a mix of national brands like Domino's and Sherwin-Williams, along with local retailers.
Singh holds an active real estate license, owns 10 residential rental properties in Orange County, the Econo Lodge Inn & Suites near Florida Mall and has investment properties in other parts of the state. Singh did not respond to requests for comment on Thursday.
The seller was Dallas-based TriGate Capital, which acquired the asset through foreclosure sale in 2012.
The Magic Place luxury-branded resort would combine about 250,000 square feet of retail and dining with 10 residential towers -- all designed by Pininfarina. The project has permits in place for the Phase 1, but Magic Development had postponed construction until it signs retail tenants for the project.