A joint venture between Miami-based Highline Real Estate Capital and M Street Holdings of Palm Beach just picked up the Century Plaza shopping center near Orlando's recently formed Curry Ford West District for $12.25 million.
The deal for the 132,725-square foot retail center at 1880 S. Semoran Blvd. breaks down to about $92 per square foot.
According to a deed filed in Orange County, Wednesday, the seller is an entity tied to CIM Commercial Trust Corporation. The company paid $10.3 million for Century Plaza in 2014.
Century Plaza is 100 percent leased to a roster of big-box tenants that include ALDI, Ross Dress for Less, dd's DISCOUNTS and Big Lots. An out-parcel occupied by a Taco Bell and Pizza Hut fast food chain was not included in the transaction.
The plaza was built in 1973 and renovated in 2008. Other tenants include Shoe Land, Spectrum, Sprint, GameStop and Amscot.
Highline president and founder, David Moret, said the deal marks the company's first Orlando acquisition. The real estate investment firm, formed in 2016, acquires and operates office and retail properties throughout the Southeast.
"We put a lot of our focus and energy on assets that are e-commerce resistant," Moret said. "This asset is in a very dense part of the market. It has a long history of very strong tenant performance and what we consider to be below market rents."
According to data used by the joint venture, Semoran Boulevard sees more than 64,500 vehicles daily. The average household income within the trade area is $62,000.
The acquisition pushes Highline's portfolio to about 600,000 square feet. Moret said the firm plans to grow to a million square feet within the next 45 days.
And it's not alone in its search for more investment opportunities. Partner M Street Holdings is also looking to expand its portfolio, founder and managing principal, David Milgram, told GrowthSpotter.
The most recent deal marks the real estate investment firm's first purchase since opening its doors in January. He said the company is in search for "deal number two" and are prepared to be "bullish on the Orlando market."
"We're looking for value-add deals that are in well-located, dense infill pockets throughout Orlando," he said.
The firm focuses predominantly on shopping centers and strip centers anchored by discount retailers, but Milgrim said they're also looking at urban properties in downtown Winter Park and downtown Orlando.
The east Orlando submarket has seen a number of investment sales.
Earlier this month, national multifamily owner-operator McKinley paid $48.96 million for the Aria Beach Apartments, a lakeside 360-unit apartment community at 3211 S. Semoran Blvd. on Lake Frederica, just south of the Century Plaza.
In July, Atlanta-based New Market Properties paid $15 million for the Conway Plaza shopping center at 4400 Curry Ford Rd. Built in 1999, the shopping center features 117,723 square feet and is anchored by a 37,888-square-foot Publix.