Collett Capital and Long Wharf Capital acquired International Drive Value Center, a 186,000 sq ft retail outlet center in Orlando, for $26.156m. The 95-percent leased property is anchored by Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNTS, Five Below and Dollar Tree. Holliday Fenoglio Fowler represented the seller, Retail Value. HFF also arranged $18.915m in acquisition financing for the buyer with a five-year, floating-rate loan with TD Bank. The funding will be used for the purchase and for future capital improvements.
“Orlando is one of the most highly sought-after retail investment markets in the US in 2018,” said Brad Peterson, senior managing director at HFF. “We have the No. 4 fastest-growing population and the No. 2 fastest-growing workforce in the US, which is squarely on the radar of investors. So far in 2018, our team has priced 12 retail centers totaling more than $360m in value in Orlando, and investor enthusiasm has been very robust.”
