The owners of a long-running tailor shop in Winter Park paid $2.515 million last week for their own multi-tenant building and a neighboring asset, the latest investment to validate retail property values along a busy stretch of U.S. 17-92.
Located at 1245 Michigan Ave.-995 S. Orlando Ave., the three contiguous properties total 0.88 acres and 12,050 square feet of leasable building space, with corner frontage on the busy stretch of U.S. 17-92 that begins just north of the Orange Avenue intersection.
The sale closed on May 11 and was recorded Friday in Orange County.
The buyer, MTT Nguyen LLC, is an investment vehicle for Hung T. Nguyen and Thuynga "Tina" Tran.
Tran's business, Tina's Master Tailors, has occupied the corner building for 17 years before she finally moved to acquire her space and the neighboring retail-office building directly west on Michigan Avenue.
The properties are fully leased and won't have any immediate renovations made, Tran told GrowthSpotter.
The seller was Bledsoe Steward Properties LLC, an investment vehicle for DeLand-based owners Harrison Steward IV and Thomas Bledsoe, who families have owned the real estate through various trusts dating back to the 1980s or earlier, per county records.
The buyer sourced a $1.865 million mortgage directly from the seller to close the deal, which will mature in May 2023.
Growing traffic on Winter Park's Orlando Avenue corridor north of the Orange Avenue intersection has drawn numerous real estate investors to grab properties in the past two years.
Most recently, a Tampa developer bought a former car wash site in January directly west of Winter Park Village for redevelopment, fast-casual dining chain PDQ bought a former bank branch in June 2017 where it is now building a new restaurant, and a Palm Beach-based couple paid a premium last August for the NNN-leased Orchard Supply Hardware site just north of the Orange-Orlando intersection.
Have a tip about Central Florida development? Contact me at firstname.lastname@example.org, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.