The Winter Garden Business Park has been acquired by Bel-Cal Properties, Inc. for $8.55 million. The 91,734 square foot retail and office park is located on Winter Garden Vineland Road in Orange County. Built in 2005, the eight buildings traded for $93 per square foot and located 20 miles west of downtown Orlando. The seller, Miami-based Adler Group, purchased the asset in June 2010 for $5,750,000. Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Robbie McEwan represented both the buyer and seller in the transaction.
“Securing this California-based buyer further demonstrates the strength of our team to successfully access out-of-area capital for Florida assets,” commented Mandel. “In addition, buyers are attracted to the Greater Orlando area for higher yields than what we’re seeing in South Florida.”
