A former hair salon franchisee from the northeast who moved to Orlando three years ago paid $1.7 million on Nov. 10 for his second local commercial property, and seeks more stable assets for a portfolio to support his early retirement.
Located at 2450 Maguire Road in Ocoee, the 0.96-acre property features a one-story retail strip center with 4,940 square feet of leasable space. It lies adjacent to the Publix-anchored Plantation Grove shopping center.
The buyer was Ray Elias, through affiliate EHC Properties. Elias previously owned and operated more than 15 Supercuts and Cost Cutters franchise locations in the Philadelphia area from 2000 through April 2015, and before that had experience as a franchisee for 7-Eleven.
Elias and his wife moved to Orlando in 2013 to enjoy "an early retirement," and have since sold all but one of those retail properties in the northeast, he told GrowthSpotter on Tuesday. The Maguire Road property is now their fourth in a commercial real estate portfolio that's providing a comfortable retirement income.
"We're not huge investors, we've just become people who want to invest locally and grow down here," Elias said. "A friend of mine who's a commercial broker and developer made me aware of this property, we did the due diligence and felt it was a safe investment."
The seller was Maguire Pointe LLC, an investment entity owned and managed by Michael J. Etchison and his family, who is a principal with local real estate developer Millenia Partners.
The Etchisons' LLC affiliate bought the property in April 2005 for $441,000, and built the retail strip center in 2006.
Elias said the Maguire Pointe property was fully leased at acquisition, with records online noting a Subway and hair salon among tenants. There are no immediate plans for capital improvements.
Elias has no other commercial properties under contract at this time, but is looking for more investment opportunities, and favors "safety, stability and good tenants," while typically avoiding the challenges of value-add acquisitions.