Retail Dining Developments

Single-tenant Altamonte Springs retail site fetches $4.475M

One of the nation's biggest retail REITS has lightened its Orlando-area holdings by selling an Altamonte Springs parcel to a Miami Beach couple for $4.475 million.

Marilyne Neuchat and Alexis Neuchat, through affiliate company NNN Alma LLC, bought the parcel from Retail Properties of America, Seminole County records show.


The site, at 297 W. SR 436, just west of Interstate 4, contains a 14,920-square-foot Golfsmith, which offers all sorts of golf products including clubs, apparel, bags and balls. The property itself is 62,726 square feet.

Staff at the store said they were told last week the property had a new landlord. A couple had recently been looking at the store and its exterior, one of the store's managers said Wednesday.


Marilyne Neuchat did not return phone calls seeking comment, and Alexis could not be reached for comment.

Retail Properties of America is a REIT focused on the acquisition, development and management of retail assets, especially shopping centers.

The reason the Altamonte Springs parcel was sold is "because it's not part of our core strategy," said Kim Freely, spokesperson for Retail Properties of America. "We are focusing on multi-tenant retail."

The Altamonte Springs parcel, which has just one retail tenant, was owned by Illinois-based Retail Properties of America for 10 years, property records show. The REIT paid $4.5 million for the site at the end of 2005.

Retail Properties of America retains two properties in the Orlando area, the 26,204-square-foot Red Bug Village in Winter Springs, which includes a Walmart Neighborhood Market and a FedEx Office; and the 51,052-square-foot Lake Mary Pointe, which has a Publix and a Subway restaurant.

The Altamonte Springs store started as a Rooms To Go, and was converted into a Golfsmith at least 10 years ago, staff said. The Golfsmith chain has one other store in the Orlando area, at Millenia Plaza.

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