A Walmart Neighborhood Market-anchored shadow center at a key Kissimmee intersection sparked a bidding war when it hit the market in October, eventually closing Jan. 8 above list price.
Parkway Retail, a 10,000-square-foot multi-tenant retail space was built in 2016 and was fully leased. It's at the corner of Osceola Parkway and Boggy Creek Road, near the future Osceola Parkway toll road extension.
Marcus & Millichap's Brian Capo told GrowthSpotter he received six offers after just two days on the market. It sold for just over $3 million.
"This thing got hammered pretty good," Capo said. "We had multiple offers above list price, and it ended up closing above list. That's important."
Capo said the ideal location, close to the future toll road and Medical City, combined with the stabilized asset made Parkway a strong investment. All six of the tenants have 10-year, true NNN leases.
"The average price per square foot for retail in Kissimmee is between $137 and $170," Capo said. "This is new product, but what really affects the price is the net operating income with the market cap."
Kissimmee developer Charles Owen, who sold the anchor site to Walmart in 2013 and built the adjacent retail strip, was the seller. Owen's Regent Development Company still controls a 1.3-acre outparcel fronting on Osceola Parkway.
The buyer, Jacksonville restaurateur Bin Zhang, was represented by Prime Realty's Karen Hong.