Western Way, a 1950s-era shopping center on W. Colonial Drive in Downtown Orlando, fetched a $4.55 million sale price last week, due in large part to one very desirable tenant.
"People really love the location, and they're familiar with it because they know the (Orange County) Tax Collector is there," said Chris Smith, an associate specializing in retail investments at Colliers International Central Florida.
The tax collector occupies more than a third of the shopping center's 66,358 square feet, and brings a steady flow of weekday customers looking to renew drivers licenses and tags, among other services. The center (2110-2150 W. Colonial Dr.) is fully leased and was last renovated in 2008.
"Even though it was a fairly older property, we attracted quite a bit of attention in a short amount of time," Smith told GrowthSpotter on Monday. Colliers' retail team, which includes Sean Glickman and Brandon Rapone, received multiple offers, he added.
Built in 1955, the retail center originally boasted 'Lovett's Grocery and Doc Moses' drugstore as tenants. The kitschy sign featured neon lights that made the horse appear to move and the cowboy's lasso to spin.
Orlando's Historic Preservation Board voted against designating it a Local Landmark in 1994 because the neon tubes had been removed.
The seller was a limited partnership comprising members of the Holler family, who own eight auto dealerships across Greater Orlando.
The buyer is Orlando Western Way LLC, which lists no directors in its state registration and uses a Miami UPS store as its address.