Transwestern has closed the sale of Sand Lake Corners North, a 151,487-square-foot, Class A shopping center in Orlando, Fla. The center is shadow-anchored by Walmart and Lowe’s Home Improvement Store and spans 15 acres.
John Bell, managing director at Transwestern, negotiated the sale of the property located at 8115-8379 S. John Young Parkway.
“We saw robust investor interest in the shopping center, in line with Orlando boasting the second-largest retail transaction volume in Florida. With positive market fundamentals and declining retail rental rates as of mid-year 2018, we expect the asset’s value to increase as the nation’s most-visited city continues this trend,” said Bell in prepared remarks.
Sand Lake Corners North is 95.3 percent occupied by longstanding tenants, including Old Time Pottery, PetSmart and Dollar Tree. The shopping center is situated along the heavily trafficked intersection of S. John Young Parkway and West Sand Lake Road and experiences a 97,000-vehicle daily traffic count.
In a similarly-sized deal, Preferred Apartment Communities acquired Conway Plaza, a 118,000-square-foot retail asset in Orlando, Fla.
Image courtesy of Transwestern