Winter Park’s University Plaza Shopping Center Gets $10.5M Financing
By Georgiana Mihaila, Associate Editor
Holliday Fenoglio Fowler, working exclusively on behalf of borrower North American Development Group, has recently arranged $10.5 million in financing for the grocery-anchored University Plaza shopping center in Winter Park.
HFF director Chris Drew, senior managing directors Paul Stasaitis and Danny Finkle, and senior real estate analyst Jose Carrazana led the HFF team representing North American Development Group; they have successfully secured the 15-year, fixed-rate loan through Prudential Mortgage Capital Company.
“NADG is a sophisticated borrower that is taking advantage of historically low interest rates to lock in highly accretive long-term, fixed-rate financing for a core asset in their portfolio,” said Drew. “We continue to see incredible demand from top-tier life insurance companies for fixed-rate loans on grocery-anchored retail throughout the state.”
Located at 4000 North Goldenrod Road at the intersection of University Boulevard in Winter Park, the 77,918-square-foot University Plaza shopping center is currently 95 percent leased, with Publix as the anchor tenant. Set approximately 10 miles northeast of downtown Orlando, the building was redeveloped in 2011.
Marcus & Millichap estimates that the Orlando retail market will most likely strengthen in 2013, given the upcoming employment gains, population growth and increased tourism. Retailers are already responding to market improvements, several having already made public their expansion plans. The gas station/convenience store segment is especially active with RaceTrac, 7-Eleven and Wawa all adding multiple sites this year. Other retailers with new stores under way include Dollar General, Family Dollar and Walmart.