Agree Realty Corporation, a Bloomfield Hills, Michigan-based development and investment firm, just paid $13 million for a retail building leased to Best Buy near Orlando’s Baldwin Park neighborhood.
The roughly 60,000-square-foot building at 4601 E. Colonial Dr. traded hands for about $215 per square foot. The seller is Abraham Jacobi, who is a Long Island City, New York-based investor in medical, security, automotive, energy and real estate businesses.
Jacobi bought the building in 2012 for $3.5 million. It was built in 1995 on a 5.5 acre lot before some of the first buildings in Orlando’s lofty Baldwin Park neighborhood broke ground in 2003.
Currently, the retail building sits near one of the main entrances into the neighborhood, which over the years has introduced a large number of new apartments around its town center.
Agree Realty Corp. is a publicly traded real estate investment trust that specializes the acquisition and development of properties net leased to some of the industry’s biggest retail tenants, including Hobby Lobby, Tractor Supply, Wawa and TJ Maxx.
As of March, the company owned and operated a portfolio of 868 properties, located in 46 states and containing about 16.3 million square feet of gross leasable space.
Ryan Cockerill, the company’s eastern region vice president of acquisitions, declined to comment on the story.