A New York investor bought the Best Buy-anchored shopping center directly across from Kissimmee's The Loop for $15.8 million on July 30, and plans to close on another Orlando shopping center in the coming week, local real estate attorney Nishad Khan told GrowthSpotter.
Located at 1600 W. Osceola Pkwy. on the corner with John Young Parkway, the Osceola Parkway Plaza lies directly across from The Loop and adjacent to The Loop West, Kissimmee's largest confluence of retail shopping.
At more than 79,000 square feet, the shopping center is anchored by Best Buy through at least January 2018, with outparcel tenants Perkins Restaurant, Olive Garden and Discount Tires. It boasted 93 percent occupancy at the time of sale. Colliers International was listing brokerage on the property.
The Osceola purchase completed a 1031 exchange for investor Elido Torres of Brooklyn, N.Y., following recent sales of New York-area properties. It is his first foray into the Greater Orlando market, said Khan of Nishad Khan P.L. Real Estate and Business Law, who represented Torres on the transaction.
"Torres saw this area as strong with the growing Hispanic market. It has busy roadways and plazas in the area all featuring strong anchor tenants and high occupancy rates," Khan said. "He plans to improve the property further and bring it to full occupancy."
A second shopping center acquisition by Torres in Orange County is expected to close in the coming days to complete his 1031 reinvestment, said Khan, who declined to name the property. Calls to Torres were not returned on Friday.
The Osceola Parkway Plaza was sold by AO of Florida II, an LLC affiliated by address with Indianapolis-based DEEM, a multiple trade general contractor offering turnkey design and build services.