Southchase Village shopping center sells for $25.2 million
An entity tied to the Miami-based
just paid $25.2 million for the Southchase Village shopping center near Meadow Woods, with plans to continue expanding the real estate fund’s portfolio in Central Florida.
Adam Greenberg, a managing principal of the fund, told GrowthSpotter it plans to acquire another several million square feet of “strong-suited” retail properties in the $10 million to $50 million range.
“We’re aggressively looking for more assets up there [Central Florida],” Greenberg said. The fund focuses on purchasing value-add retail properties.
The Southchase Village shopping center is the fund’s fifth asset in Central Florida and ninth property overall. It also owns the upscale Fountains At Bay Hill shopping center on Restaurant Row.
Southchase Village, built in 1990, is anchored by dd’s Discounts, Ross Dress For Less and a recently renovated Touchstar Cinema movie theater. Greenberg said the property is about 87 percent leased. Other tenants include an ALDI Food Market, Planet Fitness and Five Below.
Several outparcels, including a Burger King fast-food restaurant and a Regions Bank building, were not included in the purchase.
The deal for the 229,410-square-feet shopping center at 12313 S. Orange Blossom Trail breaks down to about $110 per square foot. It sits on about 25.3 acres of land west of Florida’s Turnpike. of five phases.
Hanover currently offers buyers up to 18 floor plans at Hanover Lakes with prices ranging from $265,000 to $421,000, but bringing another builder into the community adds even more variety.
It’s a model the company has used before, partnering with Richmond American Homes on communities in Groveland and St. Cloud.
Multifamily investment and management firm has paid $104 million for the 607-unit Northbridge at Millenia Lake apartment complex, marking the most expensive acquisition price for an individual apartment complex in Orlando so far this year.
According to a deed recently filed in Orange County, Venterra Realty used affiliate company VR Northbridge Holdings LP to acquire the rental community at 4902 Millenia Blvd. from an entity tied to the Chicago-based real estate investment firm
The deal breaks down to a little more than $171,330 per unit. To give a comparison, the nearby 329-unit Aqua at Millenia apartment complex sold for $171,732 per unit in 2017.
Northbridge at Millenia Lake was developed in 2005 by Winter Park-based affordable housing developer Atlantic Housing Partners.
As part of its initial investment deal, the company reserved 20 percent of the units to low-income households, while the remaining balance of units were rented at market rate.
Company spokesperson for Venterra, Chris Griffin, confirmed that 20 percent of units will continue to be restricted.
According to online marketing material provided by the firm, monthly rents for the market-rate units at NorthBridge range from $1,300 for a one-bedroom apartment to more than $1,837 for a three-bedroom apartment.