Orlando REIT pays $8.9M for Kissimmee retail property formerly anchored by Target
By Mike Salinero
Jul 17, 2019 | 3:30 PM
Orlando-based National Retail Properties paid a little more than $8.9 million for a Kissimmee home décor, big-box store, according to a deed recorded Thursday in Osceola County.
The 114,000-square-foot store at 3003 W. Vine St. houses an At Home store. Based in Plano, Texas, At Home bills itself as a home décor superstore. The company operates 117 stores in 29 states.
The 13.2-acre property is in the northwest quadrant of West Vine and Orange Boulevard. It is bordered on three sides by retail properties and restaurants including Mattress One, Office Max, Home Depot and Golden Corral.
The store was built 1992 when a Target opened there. Target closed the store in 2013 and the property sold that year for $2.65 million.
A Garden Ridge store opened in the building in 2013 and was renamed At Home a year later as part of a company-wide rebranding. The store has a lease that runs through 2031, with four renewal options for five years each.
The seller is tied to CIM Group. An affiliate of Cole Capital (a company CIM acquired in 2017) paid $8.8 million to purchase the property in 2016.
Cole Capital previously operated VEREIT’s investment management business, before it sold it to CIM in a deal worth up to $200 million. VEREIT specializes in owning and managing single-tenant commercial properties across the nation.
Executives at NRP could not be reached for comment.
The company invests primarily in high-quality retail properties, usually with long-term, net leases, according to the company website.
As of April, NRP owned 2,984 properties in 48 states, including 168 in Florida. The properties have a gross leasable area of about 30.7 million square feet and with a weighted average remaining lease term of 11.4 years.