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Pacific West Land sells Kissimmee shopping center for $3.65 million

Pacific West Land will reap a $2 million profit after selling a Kissimmee shopping center on Simpson Road after just two and half years.

The company, based in Bainbridge Island, Wash., bought the Buenaventura Lakes shopping center in 2013 for $2.8 million. A year later Pacific West sold an outparcel with a Bank of America on it for $1.23 million and last week sold the 28,355-square-foot retail center for $3.65 million.

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"They did pretty well for themselves," said Brian Carolan, an agent for Crossman & Co., who represented the sellers. "Part of that was just market temperature at the time they bought the property. The Orlando market has certainly heated up in the last couple of years, and Kissimmee has really seen an uptick."

The population density has also grown in the area, and hundreds of homestarts are anticipated in the next year.

The shopping center, located near the intersection of Boggy Creek Road and Buenaventura Lakes Boulevard, is 90 percent occupied. Tenants include a Dollar Store and branch office for the Osceola County Tax Collector.

Across the street, Publix is building a new 46,000-square-foot grocery store at the Boggy Creek Marketplace.

In the last few months, the company's Real Estate Opportunity Fund has sold a handful of its Central Florida holdings, including Shoppes at Andover in Orlando for $4.8 million.

The new owner is Emperatore Holdings, LLC, which is located in Aventura, FL.

Carolan said the purchase was part of a Section 1031 exchange, a federal tax policy that allows investors to postpone paying taxes on capital gains if they reinvest the profit in a similar asset.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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