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La Mirada Plaza, an 82,032-square-foot office building on Kissimmee's Vine Street corridor, sold for $6.7 million.
La Mirada Plaza, an 82,032-square-foot office building on Kissimmee's Vine Street corridor, sold for $6.7 million. (Marcus & Millichap)

A pair of Kissimmee properties near Vine Street and Dyer Boulevard sold in the last two weeks in separate transactions for a combined total of $8.45 million.

The 82,032-square-foot La Mirada Plaza at 3501 W. Vine St. is a mixed-use office/retail building that was 95-percent occupied at the time of the sale. The property is situated on more than 8.5 acres on a stretch of U.S. 192 that gets daily vehicle counts of 65,000 per day.

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The building was constructed in 1987 and has a well-established tenant list, with some dating to 1992. One of the building highlights is the large atrium with Spanish red tile, tropical landscaping and fountains.

Marcus & Millichap’s Ray Turchi and David Vaughn represented the seller on the $6.7 million transaction, and the firm’s Fort Lauderdale office brought the buyer. Turchi said they received multiple offers and the asset was on the market for about 60 days before going under contract.

“It’s a very unique mixed-use property,” Turchi said. “The property has had a high historical occupancy with a good mix of internet-resistant tenants.”

The buyer was La Mirada Center LLC, a private investment group managed by Eliahu Golan of Delray Beach. He secured $4.355 million in lender financing from First Citizens Bank & Trust.

A recently constructed SunTrust branch at 3109 W. Vine St. sold earlier this month for $1.75 million.

Osceola County's busiest SunTrust bank branch sold this month for $1.75 million.
Osceola County's busiest SunTrust bank branch sold this month for $1.75 million. (B+E)

Kane Morris-Webster of B+E represented the seller, East Coast Acquisitions. The buyer, Robert Ballentine, is a private investor and owner of Ballentine Electric.

The building is 3,172 square feet on a 1.13-acre outparcel in front of the Walmart Neighborhood Market-anchored Vine Street Square shopping plaza. The modern prototype building was completed in 2016 and reports the highest number of deposits of any SunTrust branch in Osceola County. The property carries a seven-year lease and sold at a cap rate of 5.77%.

"This property was highly sought after due to Florida’s tax environment, the demographics, tenant segment, location and being a newer build,” said Kane Morris-Webster of B+E. “We took to market and received multiple offers in the first 30 days. Then were able to assist the seller in finding the right buyer.”

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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