One year after starting vertical construction on a multi-tenant strip center in its Oviedo Point development, Equinox Development Properties has sold the center to Dallas-based Crow Holdings Capital Real Estate.
Equinox, through affiliate company Oviedo Point Investors LLC, sold the two-acre shopping center for $7.4 million, according to a deed signed Dec. 1 and recorded four days later in Seminole County. The center is located near the southeast corner of Mitchell Hammock Road and West Broadway Street (West S.R. 426).
Maitland-based Equinox started vertical construction on the strip center last December, a month after the opening of a Wawa fuel station the company built on an adjoining parcel. The 16,000-square-foot, multi-tenant strip center was finished in the third quarter of this year.
Trey Vick, a partner in the Oviedo Point development, said he and partner Ryan Stahl had no plans to sell the strip center so soon.
“We were very happy with demand from the tenants that filled it up,” Vick told GrowthSpotter. “Crow came to us with an unsolicited offer. We weren’t marketing it. Crow’s offer made sense for us long-term. We were able to come to an agreement and we closed the deal.”
Crow Holdings could not be reached for comment. Alex Bisbee and Blake Hunter of SRS Real Estate Partners represented the buyer in the transaction.
The strip center is 100 percent leased. Businesses there include Orange Theory Fitness, 1000 Degrees Neapolitan Pizzeria, Mission BBQ, i Fix Your i Smart Device Repair, and CareSpot Urgent Care.
Vick and Stahl started putting together parcels for the 20-acre Oviedo Point development in 2015. In addition to the strip center and the Wawa, the company sold a pad to Dairy Queen, which built a DQ restaurant also in the fourth quarter of last year.
Still remaining to be developed are five medical office pads, one of which is under contract to a doctor’s group which will build its own building, Vick said. The other four pads are for sale for medical, dentistry or professional service offices.
Still in the planning stage is a two-tenant, 6,500-square-foot retail building. The company also owns a Valvoline Instant Oil Change next to the Wawa’s on the corner of Mitchell Hammock Road and S.R. 426.