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NY investor closes 1031 reinvestment with $21M in local retail center purchases

Highlighted in red on the map, Crystal Lake Plaza shopping center is located at 2950 Curry Ford Road, on the corner with S. Crystal Lake Drive and south of Orlando Executive Airport.
Highlighted in red on the map, Crystal Lake Plaza shopping center is located at 2950 Curry Ford Road, on the corner with S. Crystal Lake Drive and south of Orlando Executive Airport. (Orange County Property Appraiser)

A New York-based investor purchased a shopping center in East Orlando for $6 million in early August, his second regional purchase in the past month, which closes a 1031 reinvestment and pumps more than $21 million into Central Florida commercial real estate.

Elido Torres of Brooklyn, N.Y., by way of local affiliate A & ET Realty, LLC, bought the Crystal Lake Plaza shopping center on Aug. 3, a sale only registered with the county on Aug. 18.

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Located at 2950 Curry Ford Road, on the corner with S. Crystal Lake Drive and south of Orlando Executive Airport, the fully-occupied strip mall features 52,250 square feet of leasable space and thorough renovations within the last year, according to listings for the property.

This follows Torres' purchase on July 30 of a Best Buy-anchored shopping center directly across from Kissimmee's The Loop for $15.8 million, which GrowthSpotter reported on Aug. 10.

Located at 1600 W. Osceola Pkwy., on the corner with John Young Parkway, that multi-tenant parcel, named Osceola Parkway Plaza, lies directly across from The Loop and adjacent to The Loop West, Kissimmee's largest confluence of retail shopping.

The two purchases complete a 1031 exchange for investor Torres, following recent sales of New York-area properties. It was his first foray into the Greater Orlando market, said local real estate attorney Nishad Khan of Nishad Khan P.L. Real Estate and Business Law, who represented Torres on the transaction.

Khan and Torres did not respond to calls for comment on the second acquisition in East Orlando.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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