Reedy Plaza acquired by affiliate of Sundev Properties
Orlando, FL – January 13, 2016 – CBRE Retail Investment Properties arranged the sale of Reedy Plaza, a community shopping destination and development opportunity located at 10376 E Colonial Dr. in Orlando, Florida. The 31,500-square-foot plaza and adjacent vacant land parcel were acquired from VN Property Management LLC by Midway Realty Holdings, an Orlando-based real estate operator and affiliate of Sundev Properties that plans to stimulate leasing through future renovations.“The center’s location along a busy retail corridor and its upside prospects fueled very strong interest in the shopping center. As overall market metrics continue to improve, it has become more difficult for investors to find projects with this much potential,” said CBRE First Vice President Daniel Baker.
Built in 1984, Reedy Plaza hosts tenants that include Rent-A-Center, Allstate Insurance, and Chubby’s Restaurant. The sale included a two-acre outparcel for future development.
“The property is currently 50% leased and will benefit greatly from local, hands-on management. Reedy Plaza will also have enhanced visibility and accessibility with the completion of the State Road 50 widening project,” said Mohammed Diab, Principal of Sundev.
Situated in the southeast corner of SR 50 and Culver Street in East Orange County, Reedy Plaza is positioned midway between the major north/south connectors of Dean Road and Rouse Road. Traffic counts in front of the center average more than 47,500 vehicles each day.
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.
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.
