Palm Beach investors pay $17M for NNN-leased retail site in Winter Park via 1031

Bob Moser
GrowthSpotter

A Palm Beach-based couple paid more than $16.95 million this week for the NNN-leased and newly-opened Orchard Supply Hardware store property in Winter Park, with more acquisitions in September to fulfill a 1031 exchange opportunity. 

Located at 1111 S. Orlando Ave., northwest of the intersection with N. Orange Avenue, the 2.4-acre site was bought in November 2016 by Minnesota-based developer Oppidan Investment Company for $5.75 million. It was one of the highest sale values per square foot ($55) in recent memory for that corridor of Winter Park, reflective of a large retail block's redevleopment value. 

Oppidan is the national contracted developer for Orchard Supply Hardware, and over the past year entitled and led construction for the new store. It opened two weeks ago as Orchard Supply's second in Orlando. 

Orchard Supply signed a 20-year lease in August 2016 with the then-land owner and developer, with the option to extend for up to 15 more years. 

The sale closed on Aug. 28, and was recorded Thursday in Orange County.

The buyer was an LLC affiliate of Palm Beach-based real estate investors Beverlee M. Raymond and husband John J. Raymond Jr. John is one of six children of the late John J. Raymond Sr., who had a prominant tax and estate planning law practice in Ohio, Michigan and South Florida. 

The couple came into more than $45.5 million in April when they sold an 84.5-acre mobile home park in Boynton Beach, land Beverlee inherited from her father who developed it in 1969 after moving the family down from Michigan.

"We kept it all those years and it became the mobile home park," she told GrowthSpotter on Thursday. "We got the offer earlier this year and it was too good to pass up. Now we're reinvesting all of it through 1031s." 

The Winter Park purchase by the Raymonds is their second in the past month, following a $13.5 million acquisition in Coral Springs of a 131,976-square-foot retail center anchored by Bravo Supermarkets. 

They've also bought a Wawa-leased parcel in Lake Worth, said Beverlee, and have another Wawa in Parkland and a Walmart Neighborhood Market site in Greater Orlando under contract, to close by late September.

Beverlee Raymond manages Extraordinary Charities, a Palm Beach-based nonprofit focused on vetting and promoting small charities in Palm Beach County.

Ray Romano, first vice president with CBRE Orlando, was listing agent for Oppidan on the sale. 

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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