SRS’ Investment Properties Group (IPG) exclusively marketed and brokered the sale of Shoppes at Veranda Park, the ground floor retail portion of a four-floor condominium building. Shoppes at Veranda Park is located at 2295 S Hiawassee Road in Orlando, Fla., and is situated in the neighborhood of MetroWest, less than ten miles west of Downtown Orlando, within the Orlando-Kissimmee-Sanford MSA. MetroWest is a 1,805-acre mixed-use master planned community, which was developed by Debra, Inc. and includes over 10,000 residential units spread over a wide range of single-family homes, apartments, townhomes, and condominium developments. The eight-tenant retail component consists of 17,603 square feet center on 1.40 acres of land immediately across from MetroWest Golf Club. It is 100% occupied by a solid mix of internet resistant tenants such as cataracts and Lasik surgeon, dance studio, health spa and additional service providers. The building was built in 2004 at a strategic location with excellent visibility on S. Hiawassee Road, which benefits from over 34,500 vehicles per day in front of the property as part of a noteworthy retail corridor. Additionally, the Florida Turnpike and Interstate 4 are just minutes to the south. The seller, Unicorp National Developments, Inc., sold the property on April 3, 2020 for $3.15 million to an undisclosed buyer.
“We were pleased to transact on another asset in Central Florida’s consistently hot retail market,” said Kevin Yaryan, senior vice president of SRS’ Investment Properties Group. “The chance to own ground floor retail within the MetroWest community in Orlando was very attractive to the buyer; despite the complex dynamic of sharing expenses with the office condos above.”
Kevin Yaryan, senior vice president, of SRS’ Investment Properties Group in the Orlando office along with Kyle Stonis and Pierce Mayson, both managing principal of the Investment Properties Group in the SRS Atlanta office, represented the seller in the transaction. John Krzyminski, senior vice president, and Max Krzyminski, senior associate, of JLL’s Orlando office, represented the buyer in the transaction.
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 www.srsre.com.