November 07, 2018
ORLANDO, FLA – Transwestern today announces it has closed the sale of Sand Lake Corners North, a 151,487-square-foot, Class A community shopping center shadow-anchored by Walmart and Lowe’s Home Improvement Store. On behalf of the seller, Transwestern Managing Director John Bell negotiated the sale of the property at 8115 – 8379 S. John Young Parkway in the tourist corridor and retail hub of Orlando, Florida.
“At the gateway of Universal Studios’ 474-acre expansion poised for entertainment and lodging development, Sand Lake Corners North will continue to benefit from Orlando’s record tourism and employment-driven population growth,” said Bell. “We saw robust investor interest in the shopping center, in line with Orlando boasting the second-largest retail transaction volume in Florida. With positive market fundamentals and declining retail rental rates as of mid-year 2018, we expect the asset’s value to increase as the nation’s most-visited city continues this trend.”
Sand Lake Corners North is 95.3 percent occupied by longstanding tenants, including Old Time Pottery, PetSmart, and Dollar Tree, which will provide the buyer long-term cash flow. The shopping center spans 15 acres at the high-profile, heavily travelled intersection of South John Young Parkway and West Sand Lake Road, boasting a 97,000-vehicle daily traffic count.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 35 U.S. offices and assists clients from more than 221 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.