Miami-based Corbin Holdings paid $6.5 million to buy the closed Toys R Us store at 1631 Florida Mall Ave.
Miami-based Corbin Holdings paid $6.5 million to buy the closed Toys R Us store at 1631 Florida Mall Ave. (Orange County Property Appraiser)

Miami-based Corbin Holdings paid $6.5 million earlier this month to buy the Toys R Us store just outside of The Florida Mall as part of a multi-state acquisition from the bankrupt retailer.

Positioned at the main entrance to the 1.8-million-square-foot mall, the big-box is in one Orlando's strongest retail submarkets. The asset sits on a 5.4-acre outparcel, facing U.S. 441/S. Orange Blossom Trail. The 45,143-square-foot building was constructed in 1989 and was assessed this year at $5.3 million.

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The Orlando store is one of seven Toys R Us stores recently acquired by Corbin Holdings. The other stores are located in California, Iowa, Connecticut, Virginia and Louisiana. In addition, Corbin acquired the lease of the store across from Seminole Towne Center in Sanford.

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Founded in 2015, Corbin Holdings is a privately held firm focused on investments in commercial real estate, publicly listed securities and business interests. Managing Director Esmail Mobarak has over 30 years experience in the industry and owns Foodtown supermarkets in New York.

Ellington Financial provided $7.1 million in financing for the Orlando acquisition.

Toys R Us abruptly closed its 785 stores this year, including eight in Central Florida.

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"Most of those sites are well located. (Toys R Us) did a really good job all those years ago choosing their real estate," said David Gabbai, managing director for retail services at Colliers International. "I've heard of bidding wars over a lot of these locations. I think they're right in the sweet spot where they can be backfilled fairly easily."

Gabbai, who is not involved in this transaction, said the size of the big box could be ideal for a grocery store, furniture store or a pair of junior anchors.

Ashley Furniture won an auction in June to take over the the space at 4607 Millenia Plaza Way. Ashley was the only company that qualified as a bidder on the Millenia Plaza store, which is just north of Mall at Millenia and just off Interstate 4, according to The Orlando Sentinel.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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