Marcus & Millichap Arranges $12.6M Sale of Two Retail Properties in Metro Orlando – REBusinessOnline
Edgewood Isle Plaza is a 78,647-square-foot retail property in Orlando.
ORLANDO AND KISSIMMEE, FLA. — Marcus & Millichap has arranged the sale of two retail properties, Edgewood Isle Plaza in Orlando and Sunrise Plaza in Kissimmee. The combined sales price for both transactions totaled $12.6 million.
Edgewood Isle Plaza is a 78,647-square-foot retail property. Salim Valiani of Marcus & Millichap represented the buyer, Orlando-based Fourth Atlantic Property Investments, in the deal. The seller, an entity known as DCP Edgewood Isle LLP, sold the asset for $7.5 million. Built in 1964, Edgewood Isle Plaza was approximately 30 percent occupied at the time of sale to tenants including Dollar Tree, Pizza Hut and Pinch-a-Penny. Located at 5601 S Orange Ave. on a 6.3-acre site, the plaza is situated within six miles of Universal Orlando Resort, Mall at Millenia, Orlando International Airport and downtown Orlando.
Sunrise Plaza, a 24,088-square-foot retail plaza, was sold for $5.1 million. Valiani also represented the seller, an entity known as Sunrise Plaza Enterprise Inc. The buyer was Paradise Apartments. Located at 4137 W Vine St. on 2.9 acres, the property is situated 10.1 miles from Walt Disney World Resort and 22.6 miles from downtown Orlando. Built in 1992, Sunrise Plaza property was 95 percent occupied at the time of sale to tenants including Geico, Primo Fine Wines and Downtown Bicycles.
