Port Orange-based real estate investor and hotelier B.P. Sodhi has sold a 17,000-square-foot retail strip on Kissimmee's W192 tourism corridor for $2.45M.
Sodhi, president of Eagles Hospitality, owns several hotels and retail centers in the Orlando and Daytona Beach markets. He bought the Dunkin' Donuts-anchored shopping center at 5341 W. Irlo Bronson Memorial Highway a little over a year ago for $2 million.
"He did some capital improvements to the property -- the parking lot and paint," broker Kevin Yaryan told GrowthSpotter. Yaryan was with Equity Investment Services when he represented Sodhi in the sale.
The strip center had one vacancy when Sodhi bought it. He signed a local Japanese restaurant, Sakeba, as a tenant. "It was 100 percent leased when he sold it," Yaryan said.
It's located just northeast of the multi-billion-dollar Magic City development on W192, and is in a section of the corridor that's slated to benefit from a major capital investment by the W192 Development Authority within the next five years.
California-based Tirumala Ventures LLC was the buyer.
Sodhi purchased multiple retail centers to fulfill a 1031 exchange last year following the sale of two hotel properties. Sodhi's current hotel portfolio includes approximately 1,000 rooms across multiple properties in Florida.
"We're really privileged to be working in the Orlando market," he said Tuesday. "We're always looking for new investments here."
Sodhi currently owns two hotels in the Orlando market, and he filed plans in late August to build two limited service hotels on a 5-acre site at Orchid Bay Plaza on S. International Drive.