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Pennsylvania real estate investment firm buys second strip center in Sanford area

CenterSquare Investment Management, a Pennsylvania real estate investment firm, paid $5.9 million recently for Dunwoody Plaza in Sanford.
CenterSquare Investment Management, a Pennsylvania real estate investment firm, paid $5.9 million recently for Dunwoody Plaza in Sanford. (CenterSquare Investment)

CenterSquare Investment Management, a real estate investment company based in Plymouth Meeting, Pa., recently paid $5.9 million last week for the Dunwoody Plaza strip center in Sanford.

The 31,000-square-foot center is located on 3.94 acres at 5040 W. S.R. 46, near the intersection with International Parkway.

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The seller was the Irvin Company, a general contractor located in the Marion County community of Summerfield.

In February, CenterSquare purchased Park Lane Plaza, a strip center located on International Parkway in Lake Mary. Park Lane and Dunwoody Plaza are just three miles apart. Rob Holuba, CenterSquare’s vice president of acquisitions, told GrowthSpotter he will be in the Orlando area Wednesday looking for similar properties.

“We buy neighborhood, unanchored centers that are internet proof,” Holuba said. “All the businesses (in Dunwoody Plaza) are internet proof: health, beauty, food, professional and home improvement. We like that tenant lineup.”

Current tenants at the Sanford center include Ace Hardware, Tijuana Flats restaurant, Fairwinds Credit Union, Riverwalk Pizzeria and a dentist’s office. Built in 2008, the plaza is in good shape, Holuba said, and doesn’t need any work beyond sealing and striping the parking lot and pressure washing the building.

“From the physical quality side, we love that it’s a rectangle with good visibility on a highly-trafficked road,” he said. “The rectangle makes it more efficient. If it’s L-shaped, you have that elbow notch that makes it pretty inefficient. With the rectangle, it slices it up into homogenous, simple suites.”

Brandon Delanois and Davey Brown of JLL will handle leasing at Dunwoody, and Forness Properties will manage the property.

“Our investment rationale is to hold onto a property for a five- to 10-year hold period,” Holuba said. “We think Orlando is a great growth market that will continue to benefit as more jobs are created and more people move into the area.”

Founded in 1987, CenterSquare is a national real estate investment company that acquires commercial real estate on behalf of institutional investors. The company focuses on listed real estate, private equity real estate and listed infrastructure.

Have a tip about Central Florida development? Contact me at Newsroom@GrowthSpotter.com or (407) 420-6261. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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