A local affiliate of Dallas-based Lincoln Property Companypaid $5.5 million on Tuesday for the southern portion of the Church Street Station retail property, giving it control of the entire block that includes the site of its planned 28-story Tremont Plaza tower.
Located at 110 and 128 W. Church St., the two buildings acquired cover 0.9 acres, were built in 1886 and 1925 and have approximately 60,400 square feet of conditioned area.
City of Orlando officials confirmed in late August that Lincoln had a contract to buy the two retail buildings on the south side of Church Street, the Orlando Sentinelreported at the time. The buildings lie west of the railroad tracks and include leases by the Cheyenne Saloon, the Ballroom at Church Street, Orchid Garden event space and Hamburger Mary's.
JLL's Carson Good, Bret Felberg and Jeff Morris have been marketing northern and southern portions of the Church Street Station retail complex since May on behalf of Boston-based Tremont Realty Capital.
But this deal by Lincoln for the southern portion was coordinated directly between buyer and seller, a relationship formed over the past two years as Lincoln prepared to buy the 1.5 acres directly south from Tremont Realty for its planned tower, which culminated in an $11 million purchase in mid-April.
The property being marketed by JLL totaled 140,000 square feet, and included the southern portion that Lincoln purchased, as well as on the northern side the 49,200-square-foot Church Street Exchange building and 28,846 square feet of retail space still for sale that houses the Lion's Pride bar and Ceviche restaurant.
Tremont Realty Capital's land for sale excludes the 6,178-square-foot Harry Buffalo restaurant at 129 W. Church St.
Officials with Lincoln Property's Orlando office did not respond to requests for comment on Thursday.
The Lincoln Property deed was recorded Thursday morning in Orange County; no mortgage was recorded with it.
Commercial real estate investment on Church Street has been active this year. In mid-April, The Blackstone Group paid $105 million for the 33-story mixed-use tower 55 West (461 units) at 55 W. Church St., and its multi-tenant retail space known as Church Street Market directly south.
Blackstone was drawn to the value-add opportunity in leasing up the property's 72,000 square feet of retail and office space, of which about 35 percent was vacant at time of sale.
And in July, NAI Realvest's Kevin O'Connor began marketing the 0.54-acre historic Ferg's Depot bar and restaurant property at $4.7 million, which is a sale-leaseback opportunity with the seller willing to commit to a new 10-year lease.