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NGKF Capital Markets is pleased to announce the recent completion of three separate investment sales transactions within the metro Orlando area. Most recently, the team closed the $21.2 million sale of a 98,411-square-foot retail shopping center, Vista Centre Shoppes near Disney World, on behalf of a private South Florida real estate investment firm.
Located in one of the nation’s top performing retail submarkets, Vista Centre Shoppes is in the heart of the tourist corridor of the Orlando market; it is anchored by well-known tenants like Black Fire Brazilian Steakhouse, Sea Dog Brewing Company and Hooters. The property was nearly 90 percent occupied at the time of the sale. NGKF Capital Markets represented the buyer, GL Orlando Vista, LLC, a real estate investment firm, in purchasing this property from TSO Vista Centre.
“Vista Centre Shoppes offers a high growth opportunity for our client in a high-traffic area and impressive track record of increasing sales revenue with the current tenant base over the past year,” said Adam Greenberg, executive managing director of NGKF Capital Markets. “The property was attractive to buyers since it was below replacement cost and unencumbered by existing debt.”
In addition, the same NGKF team previously closed on two multihousing transactions on behalf of the seller, CWCapital Asset Management, LLC, in two suburban residential markets within the metro Orlando area. Both Victoria Place Apartments and Charter Pointe Apartments sold at a combined sales price of $71 million featuring a total of 676 units.
“Orlando’s strong multihousing market fundamentals enabled our team to yield the highest and best results on behalf of our client,” notes Michael Lohmann, managing director of NGKF Capital Markets. “With Orlando’s occupancy rate approaching 97%, both new and older assets are trading as hot commodities and fetching record prices.”
The NGKF Capital Markets team based out of South Florida in the Miami office comprises Executive Managing Directors Adam Greenberg and Michael Lapointe, Managing Director Michael Lohmann, Senior Financial Analyst Scott Gordon and Senior Transaction Specialist Stephanie Ceballos. Together, the team has executed more than $2.5 billion in institutional and private client transactions, over $1.5 billion in financing and brokerage transactions and has traded over $750 million of residential and commercial loans and REO product. The team is recognized within Newmark Grubb Knight Frank’s (NGKF) national platform and is currently one of the top capital markets groups within NGKF’s Southeast region, having closed more than 30 deals in 2015.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.