Sam Oz, a real estate broker and investor from Parkland, paid $6.3 million for the Shoppes at Village Square, an unanchored strip center on S.R. 434 in Longwood, according to a deed signed April 5 and recorded a week ago in Seminole County.
Located on 5 acres at 851 E. State Road 434, the center consists of one multi-tenant building with 13 tenant spaces, all but a few of which are occupied. Tenants include O'Reilly Auto Parts, Sherwin Williams and CrossFit.
The property has 400 feet of frontage and three access points: two from East S.R. 434 and one from East Bay Avenue.
Though built in 1984, the center has undergone extensive renovations over the last year and a half, according to permit records on the Seminole Property Appraiser website.
"The income was good, the location was good, the structure was good, and it came at a good time," Oz told GrowthSpotter when asked why he bought the center.
Oz said the transaction came at an opportune time because he had recently sold some properties and needed to place those funds fairly quickly as the back end of a 1031 exchange.
"It came at the right time because I had to exchange something for the 1031," he said.
The seller was HH Times Square LLC, an affiliate of Harvest Holdings LLC, a privately held real estate firm based in Delray Beach and headed by Jonathan Ginsberg.
SRS Investment Properties Group represented Harvest Holdings in the sale. Kevin Yaryan, a senior vice president at SRS, said the Shoppes at Village Square has excellent potential for net income growth with scheduled rent increases to hedge against inflation and NNN leases to pass through expenses.
"The property was in good shape, and it had good triple-net leases," Yaryan told GrowthSpotter. "It also had a couple of vacant suites available to add value to the property. It's clean, it's got good leases. It's a good property. I like this deal."