By Jennifer LeClaire, via www.globest.com
ORLANDO—CBRE is getting brand-name retail deals done. In two separate deals, CBRE closed on the sale of Lakeside Village Center, a Publix-anchored shopping center in Windermere, FL, and the sale of adjoining McDonald’s and 7-Eleven outparcels.
CBRE’s National Retail Investment Group and Net Leased Property Group represented the seller, a joint venture between Orlando-based Boyd Development Corporation and Ram Realty Partners II LP. An institutional investor acquired Lakeside Village Center. Private investors acquired the outparcels, all in separate transactions for undisclosed prices.
Lakeside Village Center, a 74,964-square-foot shopping center located at 7880 Winter Garden Vineland Road, was 100% leased at the time of the sale. The two outparcels, leased by McDonald’s and 7-Eleven, respectively, were marketed separately to maximize value for the owner.
“The buyer and other interested bidders were seeking a stabilized core quality asset in an excellent long-term strategic location and Lakeside Village Center fits this description,” says Casey Rosen, a senior vice president with CBRE in Miami. “This was the first new core quality retail asset marketed in Florida since the downturn and demand was very strong.”