Glenbrook Commons, a 64,707 sqf retail center located in Clermont, Florida has been acquired by Baltimore-based real estate investment and management company Continental Realty Corporation for $6.6 million. Located at 1714 US Highway 27 in a suburb of Orlando in Lake County, the asset traded for just under $200 per sqf. The shopping center was approximately 83 percent leased at the time of the purchase which was carried out on behalf of Continental Realty Fund IV, L.P. It had belonged to Prudential Real Estate Investors, which was represented by Steve Miskew and Bob Sullivan of RJS Realty Group, Inc. in the deal.
“Glenbrook Commons represents an excellent value-add asset with significant upside opportunity through leasing up the vacancy and re-tenanting the anchor space” explained Paul Kang, Vice President of Acquisitions for Continental Realty Corporation. “We were attracted to the rapid growth that Clermont has seen in recent years as well as the prospects of continued long-term increase in population density. The center is in excellent physical condition and can accommodate additional development on site.”
