The longtime owner of the kitschy, UFO-shaped Bargain Planet gift shop on I-Drive paid $1.9 million this month to buy the prime site he’d been leasing for over a decade.
Benzer International President Arvind Nandu, which owns Bargain Planet and several other gift shops in the tourism area, wants to stay at the prime location. But he’s open to re-tenanting the the 1-acre site at 6454 International Dr., according to JLL’s John Krzyminksi, who represented Nandu.
“He’s open to closing his giftshop if there is quality tenant that would be a good fit for the space,” Krzyminski said. “With more than 17,000 square feet available, there are a lot of options for many tenants that are looking in the corridor right now. Arvind has the opportunity to reposition the property with one large tenant that can take up the whole 17,000 square feeet or break it up into a few units and get a few different users in place – retail, or even office.”
The property sits on Sandy Lake, across from Westgate Palace Resort and close to the Universal’s new Endless Summer Resort. Benzer also owns the gift shop and miniature golf attraction at 6582 International Dr. and last year purchased the long-dormant Jungleland Zoo on W192 in Kissimmee.
The seller was an affiliate of Suketu Patel, who also owns the adjacent Whirly Dome property. Patel’s SP International Real Estate acquired the property in 2011 for the same sale price: $1.9 million. The sale was coordinated by Marcus & Millichap and drew tremendous interest, according Regional Manager Justin West. He said the firm’s retail specialists, Braden Dwyer, Rory Shelby and Scott Gould, executed the transaction flawlessly.
“The Bargain Outlet, with its out-of-this-world exterior, has been a main-stay on International Drive since the ‘90’s," Dwyer said. "This was a tremendous opportunity for the seller to capitalize on an almost $2 million per acre sale price. We expect to see continued appreciation for well positioned tourist assets on the International Drive Corridor for years to come.”
Editor’s note: This story has been updated. An earlier version misstated the buyer’s development plan.