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Crossman & Company Closes Sale of Two Centers
CASSELBERRY, Fla. (January 31, 2017) -- Crossman & Company, one of the Southeast’s largest retail leasing, property management and investment sales firms, has negotiated the sale of Greater Mall and Summit Plaza I & II in Casselberry, Fla. to MMI Development, Inc. of Winter Park, Fla.
Crossman & Company’s Managing Director Brian Carolan represented the seller, Greater Properties, Inc. of Casselberry, Fla., in the $5.2 million transaction.
Greater Mall (400480 S.R. 436) and Summit Plaza I and II (10151033 S.R. 436) with just under 53,000 square feet each. They are 70 percent occupied. The centers feature retail and office space. Tenants include Hungry Howie’s, Mechanics Plus, Green Bar Irish Pub & Wings.
"The strengths include high traffic counts and tremendous visibility along S.R. 436. There’s great population density," Carolan continued. "It's one of the most heavily traveled thoroughfares in Central Florida. These should produce great retail opportunities."
Carolan has been working with Greater Properties Inc., the original developer of the 20-year old properties, on divesting their portfolio. Greater Mall and Summit Plaza I and II are their final two.
After establishing relationships with the buyers, Carolan began discussing the properties in midsummer.
"Historically, the buyers have been multifamily developers, but wanted to get into more retail,” Carolan added.
Serving Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, Mississippi and Virginia with offices in Orlando, Tampa, Miami, Boca Raton, Fla. and Atlanta Ga., Crossman & Company has experience selling shopping centers, single-tenant, triple-net assets, as well as mixed-use and lifestyle properties.
About Crossman & Company
Crossman & Company is the premier real estate firm focused on serving retail landlords exclusively throughout the Southeast – with offices in Atlanta, Boca Raton, Tampa, Miami and Orlando – representing more than 374 shopping centers and 28 million square feet in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina. The company was founded in 1990 with the goal of providing exemplary service to our clients around four core values: Maintain enthusiastically satisfied clients; Demonstrate servant leadership; Practice kindness, openness and humility; and Develop new talent. For more information, visit the company’s website at www.crossmanco.com.