NAI Realvest Negotiates $6 Million Sale at Baer's Plaza in Casselberry – Provides Seller with more than $2 Million Profit in 3 Years
Orlando / Casselberry, Fla. – NAI Realvest has closed on the $6,000,000 retail sale of 64,000 square feet comprising the northern one-third of Baer’s Plaza, 1006 SR 436 in Casselberry north of Orlando.
NAI Realvest Associate Drew Saphos, CCIM, brokered the transaction on behalf of Seller JAB Shopping Center II, LLC, the Pompano Beach-based holding company for Baer’s Furniture. Boca Raton-based Greater Marketplace Acquisition LLC is the buyer.
In early 2015, Saphos at NAI Realvest represented Baer’s Furniture in the acquisition of the 30-year old, 154,000 square foot plaza – known then as Greater Marketplace – for $7,175,000, and Baer’s moved into the center to anchor it with a 50,000 square foot furniture store.
In February 2017, Saphos represented the Baer’s holding company, JAB Shopping Center II LLC, in a sale of the southern one-third of the property comprising 39,712 square feet at 112 Sausalito Blvd. Buyer Pyensa, LLC, based in Hialeah, paid $3,190,000 for that portion of the retail center.
“This $6,000,000 sale of the northern third of Baer’s Plaza provides Baer’s with a free and clear anchor store at a high-profile retail center and over $2,000,000 in profit in three years,” Saphos explained.
Other major and long-time tenants at Baer’s Plaza include Bank of America, Verizon, Planet Fitness, Colorado Fondue Company and Seminole County Health Department. Crunch Fitness plans to join the northern third of the center later in 2018.