PAC Land Development sold two recently completed regional chain restaurants on Friday in the Oviedo on the Park mixed-use project.
"We took it to market in January," Colliers International's Scott Corbin told GrowthSpotter. "There was a lot of interest in this property; we had multiple offers."
Attorney Bill Lowman paid $3.55 million for the Marlow's Tavern and Maple Street Biscuit Company lots through his affiliate, Best Family Ventures. He was represented by Alanna Hogan, president of Realtime Commercial.
"He divested of some property in South Florida," Hogan said on Monday. "He lives locally, so he wanted to invest in properties here he could watch and grow."
She said Lowman was drawn to the asset because of the quality new construction, the attractive lease terms and the prime location fronting on Mitchell Hammock Road.
Both restaurants have a 10-year, corporate guaranteed triple-net lease with optional renewals in five-year increments. Marlow's Tavern opened in January. It's the Atlanta-based chain's fifth Orlando area location.
Maple Street Biscuit Company is a fast-casual chain serving breakfast and lunch. Founded in Jacksonville, the company has 11 locations in Florida and is expanding quickly.
"It's new to Orlando, and it's extremely popular," Hogan said. "They have lines out the door. Both restaurants hit the ground running this year and had strong sales."
Oviedo on the Park is a 108-acre mixed-use community anchored by the $70 million Strand apartments and city amphitheater, both built by PAC Land Development. To date, the community has 721 dwelling units and more than 45,000 square feet of retail and office uses.
The remaining development program includes another 70,000 square feet of retail uses and 6,000 square feet of office space.