ORLANDO, FL – Taking the opportunity to buy value-add commercial real estate below replacement cost, Silver Star Plaza, LLC has purchased the Silver Star Plaza retail center for $1.4 million from Silver Star , LLC.
The 52,556-square-foot multi-tenant retail center sits on 6.17 acres of land at 6135 Silver Star Road in Orlando. The center has both national tenants, including Save A Lot and Domino’s Pizza, and local tenants, such as a beauty salon, nail salon and boxing gym. The center was 70 percent occupied at the time of the sale.
Cynthia Shelton, CCIM, CRE, CIPS, and Kane Morris-Webster, CCIM, of Colliers International Central Florida represented the seller. The Jupiter, Fla.-based private real estate partnership owned Silver Star Plaza since 1995 and owns several other retail properties throughout the state.
The buyer, Silver Star Plaza, LLC, is part of an investment group that has been purchasing a number of retail properties in the area.
“This opportunistic buyer prefers acquiring property below replacement cost and generating immediate income rather than buying property based off of capitalization rate yields,” said Morris-Webster. “With an aggressive lease-up strategy, the buyer is now in position to bring the center to stabilization and resell in the future.”
The retail center had numerous offers and continued interest until the closing. “Many buyers are looking for value-add properties right now,” said Shelton. “This asset was priced right, so the interest was there.”
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