A New York-based investor paid $3 million in late May for a prominent Brazilian restaurant property in Orlando's tourism corridor, turning part of the proceeds from a January asset sale to fulfill a 1031 exchange opportunity.
Located at 8191 Vineland Ave., directly east of the Vineland Premium Outlets, the 0.9-acre parcel features a 6,872-square-foot building that has been occupied since 2013 by Gilson's Brazilian Restaurant.
Gilson's is one of the most popular Brazilian restaurants in Orlando's tourism corridor for hosting large caravan tour groups. Owner Gilson Rodrigues previously paid $830,000 in 2011 for the property through an affiliate.
However, recently Rodrigues had a lien of $390,000 placed against the property in February by CDS Contractorsfor renovation work, and owed more than $39,000 in unpaid taxes to the Florida Department of Revenue as of August 2017, per Orange County records.
The buyer was 8250 Realty LLC, an investment vehicle of private commercial real estate investor Anthony C. Conte out of New York. He was represented by John Kryzminski of Cite Partners.
Conte had sold a triple net-leased UNO Pizzeria & Grill on International Drive in January for $8.325 million, and is still piecing together 1031-based acquisitions. He currently has a similar property in Tampa under contract.
The new owner arranged a sale-leaseback agreement with Gilson's to remain on the property for six months. Owner Gilson Rodrigues has yet to decide if he'll close the business permanently or seek new space to relocate. Richard Kurban of Brokers Real Estate Group represented the seller.
Conte will be looking for a new restaurant tenant for the property, and is confident the location near the outlet mall can compete with any in the submarket to draw relocation prospects from the Crossroads of Lake Buena Vista, Kryzminski said.
"A lot of tenants will need to relocate with the future closing of Crossroads," he added. "We're move-in ready and most other options for those leaving Crossroads are new construction."