November 20, 2018
HFF ANNOUNCES $26.156M SALE AND $18.915M FINANCING OF ORLANDO POWER CENTER
ORLANDO, FL – November 20, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $26.156 million sale of and $18.915 million acquisition financing for International Drive Value Center, a 186,000-square-foot power center in Orlando, Florida.
The HFF team 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.
International Drive Value Center is 95 percent leased and anchored by multiple national and regional tenants, including Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNTS, Five Below and Dollar Tree. The center spans 23 acres and is at 5295 International Drive. Located at the epicenter of central Florida, International Drive Value Center is 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 investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and associate Michael Brewster.
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.
“Orlando is one of the most highly sought-after retail investment markets in the U.S. in 2018,” Peterson said. “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. So far in 2018, our team has priced 12 retail centers totaling more than $360 million in value in Orlando, and investor enthusiasm has been very robust.”
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.”