L3 Realty Group, a Manhattan-based investment firm and owner-operator of main street retail properties near universities, paid $3.45 million on Tuesday for the University Terrace strip center near UCF, its first acquisition in Orlando.
Located at 11325 University Blvd., the 0.93 acre parcel features one retail strip building with 7,400 square feet of gross leasable area, built in 2008. The property is currently fully leased with three tenants.
"We are excited to own a property in such a strong market, and are looking for similar property types on University Boulevard, or its equivalent street in other college markets," David E. Salmanson, principal with the company, told GrowthSpotter on Thursday.
The University Terrace property is L3's fifth investment thus far, all of which are retail strip centers near a major university, including one near Florida State University.
L3 is an affiliate of Salmanson Capital, a real estate investment firm focused on student housing properties within walking distance of college campuses.
Salmanson Capital acquired a mortgage for its Orlando acquisition from Starwood Mortgage Capital out of Miami Beach for $2.295 million.