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New York investor pays $11.85M for Metrowest shopping center

Metrowest Shoppes in Metrowest recently sold for $11.85 million.
Metrowest Shoppes in Metrowest recently sold for $11.85 million. (Orange County Property Appraiser)

New York real estate investor Art Kanerviko's Rocklyn Development paid $11.85 million last week for the 33,000-square-foot shopping center known as Metrowest Shoppes.

"We think it's located in a good area of Orlando," Kanerviko said Monday. "It's positioned in a mature area. The property is fully leased and stabilized."

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Located on four acres at the intersection of S. Kirkman Road and Arnold Palmer Drive, the neighborhood retail center has a Chase Bank branch, a Verizon Wireless store and multiple restaurants, including Five Guys Burgers and Fries. The center was built in 2006.

The seller was Montebello JTA Group, which purchased the shopping center in February 2015 for $9.35 million.

Rocklyn is a privately held real estate company based in Cicero, New York. "We have properties in seven states, but we really like the South," Kanerviko said. "We just acquired a property in Georgia last week."

Rocklyn affiliate Metrowest Shoppes Orlando LLC took out a $7 million mortgage with M&T Bank in Syracuse to help finance the acquisition.

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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