ORLANDO — Intense investor interest continues and has led to Holliday Fenoglio Fowler, L.P. (HFF) handling a dozen retail centers with the latest the $26.156 million sale of and $18.915 million acquisition financing for International Drive Value Center.
“Orlando is one of the most highly sought-after retail investment markets in the U.S. in 2018,” said Brad Peterson, HFF senior managing director. “We have the No. 4 fastest-growing population and No. 2 fastest-growing workforce in the U.S., which is squarely on the radar of investors.”
The HFF team of Peterson, senior director Whitaker Leonhardt and associate Michael Brewster marketed the property on behalf of the seller, Retail Value Inc. (RVI). A partnership between Collett Capital and Long Wharf Capital purchased the asset.
Additionally, working on behalf of the new owner, the HFF team placed the five-year, floating-rate acquisition loan with TD Bank. Loan proceeds will be used for the acquisition and to fund future capital improvements.
Center is 95 percent leased with national and regional tenants
The 186,000-sq-ft. International Drive Value Center is 95 percent leased and anchored by multiple national and regional tenants. They include Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx and Dollar Tree.
The 23-acre center is located approximately six miles from downtown Orlando, 8.5 miles northeast of Walt Disney World® and less than one mile southeast from Universal Studios. Additionally, the center is in the nation’s No. 1 retail submarket, the International Drive Retail submarket.
The HFF debt placement team representing the new owner consisted of senior managing director Travis Anderson, senior director Cory Fowler and managing director Rebecca Van Reken.
“International Drive Value Center is one of the premier retail centers in central Florida, and, given its prime location in the heart Orlando’s dynamic and thriving tourist corridor, many of the tenants achieve sales volumes far in excess of chain averages,” Leonhardt added. “The future of the asset looks even brighter given the continued success of the nearby Orlando International Premium Outlets combined with the new nearby mixed-use developments.”