A New Jersey-based commercial real estate investor has acquired the eight-acre Belle Isle Commons shopping center on S. Conway Road for $11.5 million, and may pursue more properties in Metro Orlando after being out of the market for 15 years, the company's vice president told GrowthSpotter.
SJS Realty Management owns or manages at least 12 commercial and industrial real estate properties of up to 80,000 square feet in New Jersey, Eastern Pennsylvania and Maryland, as well as two shopping centers in Tampa.
The company acquired three parcels on June 1 that make up Belle Isle Commons, a shopping center in the 5000 block of S. Conway Road, near the intersection with Hoffner Avenue.
The property had previously been bought in March 2006 by Belle Isle Commons LLC for $4.76 million, an affiliate of Orlando-based Carter-Crossman Investments, which is linked by downtown address to local real estate broker and developer Maury L. Carter & Associates.
Belle Isle Commons is 98 percent leased (one 1,600-square-foot space remains open), with anchor tenants that include Dollar General, Planet Fitness, Fellowship of Orlando, a Starbucks drive-thru outparcel and La Petite Academy, Inc.
Stephen Cravitz, vice president of SJS, said his firm has been out of Orlando real estate for 15 years but saw this as an opportunity to return to one of the country's fastest growing commercial property markets.
SJS will maintain Crossman & Company as commercial leasing and management agents for the property. Cravitz said SJS doesn't have a plan yet for redesigning the property, and sees it as a stable leasing opportunity for now that was well-maintained by its previous owner.
A key selling point of Belle Isle Commons for retail tenants has been the strong regional demographics of the area, with a range of incomes that include very wealthy communities along nearby lakes of Belle Isle, said Tyler Wilson, leasing agent with Crossman & Co.