An investment fund in Texas spent nearly $50 million on two retail centers that are adjacent to one another in Altamonte Springs.
An affiliate of Dallas-based Crow Holdings, a real estate investment concern, bought the properties at Uptown Altamonte for $48 million.
That's a quick profit for the seller, an affiliate of Dallas-based Lone Star Funds. The fund paid $18.9 million for one center and $16.6 million for the other just eight months ago, for a total of $35.5 million, according to records filed with the Seminole County Property Appraiser.
Stores at Altamonte Town Center, the retail component of Uptown Altamonte, include a 27,000-square-foot Marshall's, a 4,000-square-foot Vitamin Shoppe, and a 3,500-square-foot Fidelity Investments office.
The roughly 20-shop portfolio also includes Five Guys, World of Beer, Planet Smoothie, Capps Barber, A.G. Kitchen & Bath Design and Tuscan Pizza.
The stores are located at 175 and 293 East Altamonte Dr., between Interstate 4 and the Altamonte Mall.
Representatives for Crow Holdings and Lone Star Funds did not return phone calls seeking comment.
Shop owners at the site said the changeover was a bit abrupt, with the former owner having held the property for so little time.
They also said a representative of Crow Holdings was on site when each of their stores was inspected.
Most said they were taking a "business-as-usual approach," with their shops having had a number of owners over the years.
Uptown Altamonte, which was built in 2006, is part of a corridor filled with retailers and restaurants that front residential development.