Local developer sells Poinciana two-tenant retail building for $2.3M

Longtime Orlando real estate broker and developer Alan Charron has sold the second of three Walmart outparcels fronting on Poinciana's Cypress Parkway.

Charron, founder of Real Property Specialists, sold a two-tenant retail building on the middle lot last week for $2.3 million. The 5,333-square-foot building was built in 2016 and leased to Mattress One and an AT&T store.

"We weren't looking to sell," Charron told GrowthSpotter. "We typically hold most of our assets long term. This was a case where we were approached by the buyer."

The buyer is Isaias Properties, a shell company for a South American investor managed by Miami real estate attorney Barry Simons.

Charron's firm acquired the outparcels in 2014 from Avatar (AV Homes) for $1.25 million. The Charron affiliate sold Lot 1 for $800,000 to Zaxby's for a corporate-owned restaurant. Lot 3 is home to a build-to-suit Aspen Dental office, which opened in 2017.

"The Aspen Dental has a 15-year lease," Charron said. 

He said the company has several other projects in development now, including a new Starbucks under construction on Conroy Road near Kirkman Road, and another Mattress One on U.S. 27 in Davenport.

"We have two acres just south of Posner Park," Charron said. "We're getting ready to break ground on the mattress store, and we're talking to another prospect for the other retail pad."

Real Property is also under contract to buy two Lowe's outparcels on Pleasant Hill Road in Poinciana, just up the road from the Cypress Parkway development. The firm has applied for a Site Development Plan and building permit for a new Taco Bell on one parcel, and is considering building another multi-tenant retail building on the other parcel, Charron said.

"This one would be a little larger than the Mattress One/AT&T we just sold," he said. "It would probably be about 10,000 square feet."

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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