Shoppes at Jeta Park near UCF was built in 2009. Tenants include an Asian grocery, dentist, hair salon and optometry office.
Shoppes at Jeta Park near UCF was built in 2009. Tenants include an Asian grocery, dentist, hair salon and optometry office. (TRG Commercial Real Estate)

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.

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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.

A Tampa-based family investment group paid $2.7 million last week to to acquire the Shoppes at Jeta Park, across from a new $42 million apartment complex.
A Tampa-based family investment group paid $2.7 million last week to to acquire the Shoppes at Jeta Park, across from a new $42 million apartment complex. (staff)

"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."

Catalyst Development Partners is building a 296-unit apartment complex, dubbed "EOS 2.0," on the 11.46 acres across from the shopping center. A new Walmart Neighborhood Market is also planned there.

HUB on Campus, a new student housing complex, is also under construction just across the S.R. 408 interchange, less than a half mile away.

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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