Avison Young’s Florida Capital Markets Group closed the $23.8 million sale of Good Homes Plaza, a 165,741-square-foot neighborhood shopping center with multiple anchors including Publix located at 8805-8995 W. Colonial Drive in Ocoee (Orlando), Fla.
Avison Young’s John K. Crotty, CCIM, Principal, lead a team that successfully secured Canadian-based buyer, Slate Retail REIT, and sold the 96 percent occupied retail center on behalf of the seller, IMC Equity Group, a North Miami based commercial real estate company owned by Mr. Yoram Izhak.
Good Home Plaza’s impressive and highly diverse tenant roster boasts necessity-based retailers – multi-anchored by Publix, Pet Supermarket, and Beall’s Outlet Store – which positions the center for economic resiliency.
“In West Orange County, the retail market has been positively affected by population and tourism growth in the metro area,” said Crotty, an active member of the Florida CCIM Chapter’s Miami-Dade/Monroe District. “This, coupled with Good Homes Plaza’s winning location off of one of the area’s high-trafficked roadways attracted the ideal buyer who will benefit from long-term cash flow due to strong in-place tenants.”
Good Homes Plaza sits on Colonial Drive, one of Orlando’s major east/west thoroughfares and a primary commercial artery leading to Downtown Orlando. The retail center serves a substantial population of 248,792 within a 5-mile radius. Newly renovated decongested roadways and three ingress/egress points provide visitors with easy access to the property.
For more information, contact Mr. Crotty at (305) 447-7865.