Orlando, FL – March 5, 2015 – (RealEstateRama) — CBRE arranged the sale of a 61,200-square-foot retail center located at 851 East State Road 434 in Longwood, FL. Time Square Plaza, anchored by national chains such as Sherwin-Williams and O’Reilly Auto Parts, was acquired from Beverly Hills, Calif.-based Latitude Management Real Estate Investors by an affiliate of Harvest Holdings for $3,122,500. CBRE represented the seller in the transaction.
“Given the strategic location of the property along State Road 434, this opportunity was enhanced by long-term commitments from two of its major tenants, Sherwin-Williams and O’Reilly Auto Parts,” said Dan Baker, First Vice President, CBRE Investment Properties – Retail. “Time Square Plaza is an ideal value-add candidate since the center is experiencing a short-term vacancy level that is in contrast to its historically high occupancy. The new owners are experienced operators and are planning an aggressive lease-up program.”
Built in 1984, Time Square Plaza is situated on 4.97 acres along State Road 434 between U.S. Highway 17-92 and County Road 427 in Seminole County. The center’s location is in close proximity to the South Seminole Community Hospital and the Central Florida Commerce Park. State Road 434 connects Longwood with the cities of Oviedo, Winter Springs and Altamonte Springs and it averages a drive-by count of 29,000 vehicles per day.
Mr. Baker collaborated with Christopher Gardner, President of Winter Park-based Condev Realty, in the transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.