SRS’ Investment Properties Group (IPG) exclusively marketed and brokered the sale of Emerald Lakes Plaza, a 33,568 square foot neighborhood center anchored by Save-A-Lot, and located in Clermont, Fla., which is part of the Orlando MSA. The 33,568-square-foot neighborhood center, built in 1987, is situated on 2.97 acres of land. Emerald Lakes Plaza provides solid shopping center fundamentals including excellent visibility, prominent signage, a position at a signalized intersection, and multiple points of access from both sides of the road. It is 100 percent occupied by anchor tenant Save-A-Lot along with national and local tenants including Primerica, and Evolv Kitchen. The property is located at 1203 Hwy 50, adjacent to the intersection of Highway 50 and 12th Street. The seller, Oceanfront Properties, Inc., sold the property on October 4, 2019 for $3.65 million to Lou Natem, LLC.
“Emerald Lakes Plaza presented a rare chance to acquire a value-add retail asset in a high-growth, Central Florida market,” said Kevin Yaryan, senior vice president of SRS’ Investment Properties Group in the Orlando office. “The buyer is excited about the prospects for rental growth at the property driven by new home construction and the city’s new downtown waterfront district which is near the property.”
Kevin Yaryan, along with Kyle Stonis, managing principal, and Pierce Mayson, principal, of the Investment Properties Group in the SRS Atlanta office, represented the seller in the transaction. The buyer was represented by Dan Van Nada, senior sales and leasing associate of First Capital Property Group in Orlando, Fla.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.