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Retail building leased to Best Buy near the entrance to Baldwin Park sells for $13M

A generic photo of a Best Buy storefront.
A generic photo of a Best Buy storefront. (Best Buy Co.)

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.

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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.

The company has about 10 acres of land under contract with plans to develop up to 280 multifamily units.

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.

The consumer electronics store lies a half mile east of Orlando Fashion Square Mall, which Unicorp National Development has plans to redevelop into a $1 billion mixed-use community.

More east of the retail building, Atlanta-based Catalyst Development Partners has plans in the works to develop 280 multifamily units at 6575 E. Colonial Drive.

Investors have also taken an interest in the location. Last month, a value-add fund managed by Boston-based investment firm TA Realty bought the Enders Place at Baldwin Park apartment community for $53.15 million.

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.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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