UPDATED: FEBRUARY 27, 2019 8:30 AM — Quantum Capital Partners, a Tampa-based private equity and real estate investment firm, recently purchased Altamonte City Centre, a retail strip mall and office building on East Altamonte Drive.
Quantum paid just over $6 million for the 25,526-square-foot property, according to a deed signed Feb. 20 and recorded Monday in Seminole County.
The sellers were MDS Altamonte City Centre LLC and PPJ Holdings LLC, affiliates of Mears Transportation Group, a cab and airport shuttle company based in Orlando that acquired the property a year ago via Quit Claim.
Ray Turchi, Chris Travis and David Vaughan, investment specialists with the Orlando office of Marcus & Millichap, represented the sellers in the transaction, while Scott Gould andRory Shelby of the same office represented the buyer.
Located at 887 E. Altamonte Drive, the center consists of a two-building, fully-occupied, 8,338-square-foot retail strip, and an 18,200-square-foot office building. Tenants in the retail center include Fairwinds Credit Union, Tijuana Flats and Huey Magoo's.
The office building is leased to AdventHealth. All the tenants are on Triple-Net leases, according to Marcus & Millichap.
Quantum executives feel there are strong opportunities for commercial real estate investment in Altamonte, said Brad Saulson, president of real estate for Quantum Capital Partners R.E. Inc. They picked Altamonte City Centre in part because of its strong tenant base, he said.
This is the company's first foray into the Greater Orlando market.
"We're really excited about the market," Saulson told GrowthSpotter. "We're pursuing other opportunities in Altamonte Springs and we're constantly looking for commercial real estate investments."
The 2.85-acre parcel is bordered by East Altamonte Drive on the south side, Newburyport Avenue on the east, Holly Street to the north and Forest Avenue on the west side.
Altamonte Drive has a traffic count of 58,500 vehicles daily and it connects the property to the Interstate 4 interchange, less than two miles to the west, and also to U.S. 17-92 and State Road 434. Heavily trafficked South Ronald Reagan Boulevard (County Road 427) is a few blocks to the east.