Lender-Owned Mixed-Use Project Trades for $13.2M
- Sep 07, 2012
Waterford Park at Waterford Lakes—a Class A mixed-use retail and office building located near the nation’s second-largest university, the University of Central Florida—has traded hands for the reported amount of $13.2 million. A small land parcel across the street from the property and a potential billboard site on Lake Underhill Road were also included in the transaction.
The official announcement was made by Marcus & Millichap Real Estate Investment Services, the firm that arranged the sale. Ray Turchi, a senior associate, and Christopher Travis, an associate, both in Marcus & Millichap’s Orlando office, represented the seller, an East Coast-based financial institution. Simon Jonna, a vice president of investments, and Ryan Cockerill, an associate specializing in retail property investments, both in the firm’s Detroit office, acted in a representative capacity for the buyer, Baltimore-based Continental Realty Corp.
“This asset offers exceptional value-add potential,” says Simon Jonna. “The new owner has the experience necessary to redefine the property’s highest and best use, and position it for peak performance in a fundamentally sound, growing and sought-after demographic region.”
The 115,473-square-foot Waterford Park at Waterford Lakes was built in two phases. The first was completed in 2006 and the second in 2008. Located at the Northeast corner of Lake Underhill Road and Alafaya Trail at 12301 Lake Underhill Road, the property is close to the East/West Expressway, Florida State Road 408 in Orlando.
The property consists of a 58,251 gross leaseable area of first-floor retail space that is 60 percent occupied by 10 tenants and a 57,222-gross leaseable area of second-floor office space that is currently 18 percent occupied by five tenants. The property is wired for cable television and high-speed Internet. Other features include 12-foot first-floor ceilings, 10-foot second-floor ceilings, tile and marble restroom finishes and tenant-controlled electricity.
Image Courtesy of Loopnet
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