TriGate Capital Sells Celebration Village
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $4 million sale of Celebration Village, a 20,750-square-foot retail center in the Orlando-area community of Kissimmee, Florida.
HFF arranged the sale on behalf of the seller, TriGate Capital. A private investor purchased the asset free and clear of existing debt.
Celebration Village is fully leased to eight tenants, including Sherwin-Williams and Domino’s Pizza. Situated on 2.35 acres at 5455 West Irlo Bronson Memorial Highway, the center is located along the primary commercial corridor in the trade area, which has traffic counts of approximately 36,500 vehicles per day. Celebration Village is about one mile east of downtown Celebration, the nation’s first Walt Disney World-built master-planned community. More than 25,787 residents earning an average annual household income of $65,246 live within a three-mile radius of the center.
The HFF investment sales team was led by associate director Whitaker Leonhardt and senior managing director Brad Peterson. Gregory Newman, principal with Keystone Commercial Real Estate, LLC, represented the buyer, who is a Michigan-based investor.
“There is tremendous demand for well-located retail strip centers, and we were successfully able to generate 10 offers within a very short marketing timeline,” Leonhardt said. “This center has maintained a healthy historical occupancy and is ideally positioned in the submarket to benefit from all of the surrounding developments.”
Source: Blau Journal