Orlando, Fla.– In an area where available retail space is limited other than in the Altamonte Mall, PWL REO, LLC purchased The Village Shoppes, a 34,000-square-foot retail center in Altamonte Springs, Fla., from an undisclosed seller for $2.9 million. The center, on 6.6 acres of land at 249 State Road 436, was previously taken back in foreclosure from a developer, then experienced delays in leasing and selling for approximately one year due to Department of Transportation roadwork near the property. It was 35 percent occupied at the time of the sale. Cynthia Shelton, CCIM, CRE, CIPS, Kane Morris-Webster, CCIM, and Jorge Rodriguez, CCIM, of Colliers International Central Florida represented the seller.
“Many investors are looking for value-add properties,” said Shelton. “This property fits that category due to the low occupancy and high demand from retailers in the high-density population of upscale Altamonte Springs.” When the seller was ready to put the property on the market to sell, Colliers took a highly targeted approach of contacting a select group of investors who had previously shown interest in the property.
“The seller wanted to sell quickly, especially given the previous delays,” said Morris-Webster. “The property was only on the market about three months before the sale closed.”
Following the completion of the roadwork in the area, The Village Shoppes will be located at the first traffic light off Interstate 4 on State Road 436. About Colliers International Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research.