Kissimmee Shopping Center acquired by an affiliate of ICM Equity Group
Orlando, FL – January 26, 2016 – CBRE Retail Investment Properties arranged the sale of Kissimmee Shopping Center, an off-price, value-oriented shopping destination located at 4673 West Irlo Bronson Highway in Kissimmee, Florida. The 130,168-square-foot plaza and a one-acre outparcel were acquired from Kissimmee Value Outlet Shops, LLC by Finance and Acquisitions, LLC, a Miami-based real estate operator affiliated with IMC Equity Group.“The center’s location along the busy U.S. 192 retail corridor fueled very strong interest in the shopping center. There has been a significant amount of leasing activity in that submarket, which helped bring this center to 100% occupancy. In addition, there are several name brand tenants that have a long and successful history at the plaza,” said CBRE First Vice President Daniel Baker.
Built in 1984 and later expanded, the Kissimmee Shopping Center hosts tenants that include Nike Clearance Center, Dollar Tree, Beall’s Outlet and Tommy Hilfiger Outlet. The sale included a one-acre outparcel for future development.
Carlos Segrera, Director of Acquisitions and Finance, purchased the property “…based on the strong occupancy level, excellent array of quality tenants, and the ability to increase the value of the property over the long term. We own other centers in the vicinity and are very bullish on the Kissimmee market.”
Situated in the northeast corner of U.S. 192 and Old Vineland Road in Osceola County, the property is positioned midway between two Walmart Supercenters as well as Target, Publix and Sam’s Club. Traffic counts in front of the center average nearly 60,000 vehicles each day.
CBRE’s Mr. Baker represented the seller on an exclusive basis. The buyer was represented by Todd Snyder and Mel Miller of Gene Snyder & Co. of Miami.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
