A Tampa-based family investment group paid $2.7 million last week for a small strip center near UCF in the 12900 block of East Colonial Drive.
Built in 2009, Shoppes at Jeta Park is a 11,285-square-foot retail center that was fully leased at the time of sale.
The buyers were Hieu Le Chi and Vinh Le Chi -- brothers based in Tampa who purchased the asset under affiliate Ashley Property 3 LLC.
Tony Nguyen, managing director for TRG Commercial Real Estate, represented the buyers and sellers in the transaction. He said the seller, Eddie Yeh, was the original developer who was retiring and looking to cash out. The buyers were fulfilling the back end of a 1031 exchange.
"They sold an asset in Tampa and used those proceeds to buy three properties," Nguyen told GrowthSpotter on Monday. "They really like this area. They felt strongly about this location. The other two were in Atlanta."
Nguyen said he initially tried to market the property to Starbucks and Dunkin Donuts, because it has an end-cap with the drive-thru window, but those retailers wanted to be on the north side of Colonial to capture the morning commuters.
That ended up being a non-issue because the retail center's optometry tenant has a long-term lease, he said.
Nguyen said the listing generated multiple offers, but some were $400,000 below list price. He advised the seller to reject the low-ball offers.
"I told them to stay firm on your price. You'll get it," he said. "It's in a high-growth area. They just broke ground across the street on a new apartment complex."