Orlando-based developer Intram Investments paid $6.5 million on Wednesday for a 57-year-old retail center in the city of Edgewood, giving it an assemblage of roughly 10 acres for potential future redevelopment.
Located at 75 Gatlin Ave. on the corner with S. Orange Ave. in central Orange County, the Fort Gatlin Shopping Center features 48,394 square feet of conditioned area across three connected buildings, which date to 1960 and 1985.
The seller was Fort Gatlin Shopping Center LLC, an investment affiliate of former Orange County commissioner Frances S. Pignone, which previously paid $3.15 million in 2004.
Pignone, whose maiden name was Sharp, came from one of Orlando's most influential citrus grower families, and also served at one point on the governing board of the St. Johns River Water Management District. She was self-managing this property but can now fully retire, said Daryl Carter of Maury L. Carter and Associates, who represented the seller.
Back in October, Intram paid close to $6.98 million for the neighboring 47,000-square-foot Waters Edge Shopping Center, which dates to 1989. Together, the two centers total more than 95,000 square feet of conditioned area across roughly 10 acres.
"We believe it's a well-located corner and presents opportunity to reposition in the future," Intram's executive vice president Randy Hodge told GrowthSpotter. "We don't have any immediate plans to do so. But we're evaluating right now a plan for the property. We've had some discussions with the (city staff)."
The Fort Gatlin center was near full occupancy at time of sale, but has a number of tenants on month-to-month leases, Hodge said. Intram will begin meeting with tenants shortly to discuss their long-term needs, and investing in light clean-up and maintenance work on the property.
The two retail centers had been owned and operated separately with a fence between that can now be removed, Hodge said. Orlando Regional Health is an anchor tenant in the Waters Edge center, and an array of small independent businesses occupy the Fort Gatlin center.