Orlando-Area Shopping Center Sells for $12M

Originally Published: Commercial Property Executive

Corporate Property Group Inc. has sold Viera Colonnade Shops, a three-building, 27,051-square-foot shopping center in Viera, Fla. The buyer, a private partnership between domestic and foreign investors, acquired the asset for $11.8 million, or $436 per square foot. According to Brevard County records, the sale was subject to a nearly $6.7 million loan originated by Mutual of Omaha. SRS Real Estate Partners negotiated the deal on behalf of the seller.

Located at 2328, 2338 and 2348 Citadel Way, Viera Colonnade is near Interstate 95, adjacent to The Avenue Viera, the 525,000-square-foot open mall featuring World Market, Bed Bath & Beyond and Michaels. Downtown Melbourne is approximately 16 miles south and Orlando Melbourne International Airport is within a 30-minute drive.

Built in 2017 and 2018 on 3.4 acres, the shopping center is fully occupied by 14 tenants including UPS, Jersey Mike’s, Great Clips, Mattress One and Blaze Pizza. All tenants recently signed 10-year triple-net leases.

SRS’ Investment Properties Group Managing Principals Patrick Luther and Matthew Mousavi brokered the deal on behalf of the seller, while the buyer was self-represented.

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