A South Florida-based investment company just scooped up the Lake Calvert Square retail center near the S.R. 408 and Colonial Drive interchange for $2.5 million.
Built in 2006, the Lake Calvert Square retail center at 12100 E. Colonial Dr. features roughly 10,000 square feet of retail space — meaning the deal breaks down to about $250 per square foot.
The buyer, Max Fogiel LLC, is an entity led by Oren Hon, co-founder and managing partner at Blue Arch Capital. The investment company mainly keeps its focus in the Southeastern U.S. region, and has deployed $3 billion worth of capital in properties since 2008, with its preferred assets having some value add opputunity.
The seller, Farhad Dhanani, bought the 1.26-acre lot in 2004 for $497,000. The shopping center was built two years later. According to online marketing material, Lake Calvert Square generates a net operating income of about $201,328.