HFF announces $5.4M sale and $3.78M financing of Orlando-area retail center
ORLANDO, FL – April 2, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $5.4 million sale and the $3.78 million acquisition financing of the Shoppes of Lake Mary, a 38,495-square-foot shopping center in the Orlando-area community of Lake Mary, Florida.
The HFF team marketed the property on behalf of the seller, Cliff Stein and Reid Berman of Tower Realty Partners, Inc. Galium Capital purchased the asset free and clear of existing debt. Additionally, the HFF team worked on behalf of the new owner to place the five-year, floating-rate loan with Florida Community Bank, N. A.
Shoppes of Lake Mary is home to 16 tenants, including Altamonte Pediatrics, Painting with a Twist, French Quarter Exchange, Dalli’s Pizzeria, Lighthouse Seafood and Lake Mary Dry Cleaners. Situated on 4.67 acres at 101 North Country Club Road, the shopping center is in Lake Mary, a high-growth area in the northern part of the Orlando MSA, across the street from the new 200-unit Station House multi-housing community. Additionally, Lake Mary is home to 7.5 million square feet of office space, and 67,798 residents earning an average annual household income of $79,954 live within three miles of the center.
The HFF investment advisory and debt teams representing the seller included senior managing director Brad Peterson, director Whitaker Leonhardt and associate Michael Brewster.
The HFF debt placement team representing the borrower consisted of senior managing director Michael Weinberg and managing director Rebecca VanReken. Andy Johnson, senior vice president at Florida Community Bank, N. A., represented the lender.
“Lake Mary is one of the most desirable submarkets in the Orlando MSA not only for retail but also for apartments and office investments as well,” Leonhardt said. “Investors were thrilled with the opportunity to reposition Shoppes of Lake Mary given its location in downtown right next to City Hall and adjacent to the SunRail station.”
“We were pleased to source acquisition financing for a quality investor like Galium Capital,” VanReken added. “The Galium team’s thoughtful approach and attention to detail will serve them well as the new owners of this charming neighborhood center.
About Tower Realty Partners, Inc.
Tower Realty Partners, Inc. (Tower) is a privately held, commercial real estate investment and management company based in Orlando, Florida. The company is a recognized leader in the value-add office investment community with an established 30-year track record of delivering exceptional risk adjusted returns for investors. Founded in 1987 by principals Cliff Stein and Reid Berman, Tower has been involved for the acquisition, leasing and management of over 20 million square feet of real estate totaling in excess of $1.6 billion in transactions. In addition to real estate investments and property management, Tower offers a full spectrum of supplementary services including asset management, development, facilities management, construction management and brokerage services. For more information, visit towerrealtypartners.com.
About Galium Capital
Galium Capital is a real estate investment and development company based in Miami, Florida, with $250 million in assets under management. Led by Jacques Bessoudo and Iser Rabinovitz, Galium is an active value-add investor in the residential and retail sectors. Learn more at galiumcapital.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.