Disney-area shopping center sold to Atlanta firm

Orlando Business Journal - March 4, 2005 by Kristen Stieffel

The Simpson Organization of Atlanta bought Vista Centre Shoppes in Lake Buena Vista for $15.7 million.

The property is part of the Vista Centre planned development, a mixed-used project near Walt Disney World Resort. The 102,402-square-foot shopping center was 100 percent occupied at the time of the sale.

The seller was Vista Property Investments, a local operating entity formed by TAM Investment Co. Woolbright Development was the asset manager and leasing representative for TAM. The Orlando and Boca Raton offices of CB Richard Ellis represented the seller.

In other sales activity:

The Swerdlow Group, a South Florida developer, bought Blue Tide, an apartment community on the intracoastal waterway in Holly Hill, for $11.85 million. The 108-unit complex is on a 4.4-acre site with about 475 feet of water frontage. Swerdlow intends to join the Blue Tide land with a contiguous property and develop four 25-story, ocean-view condominium towers.

Pricing of the condominiums is expected to start at more than $300,000 and go up to nearly $1 million for the penthouses. Robert W. Miller and Shelton D. Granade of the Central Florida multi-housing group of CB Richard Ellis represented the seller, Polyvers Ltd.

Daryl M. Carter, trustee of Carter-Maytown Road Land Trust, bought 2,967 acres in Volusia County for $11.69 million. The sellers were Lynda R. Schroeder and Mark Stenstrom as co-trustees. Beth Hathaway of Century 21 AA Carnes represented the sellers. Patrick Chisholm and Preston Hage of Maury L. Carter & Associates Inc. represented the buyer.

The University of Central Florida Foundation bought the 100,000-square-foot University Tower building on Research Parkway for $7.55 million. Matthew McKeever and Rick Solik of the Orlando office of Cushman & Wakefield represented the seller, TCF Management Corp.

Creative Choice Homes XXXV Ltd. bought the Outrigger Apartments on Shoreview Drive in Orlando for $4.57 million. Creative Choice plans to renovate the property as affordable housing. The seller was Outrigger Partners Ltd. Gerald A. Smith and Darrell J. Johnson of Smith Equities Corp. brokered the deal.

SHB Properties bought a 24,000-square-foot office and warehouse building on Commerce Way in Sanford for $1.13 million. Sarasota-based DBS Properties Inc. was the seller. Michael Heidrich, a principal at NAI Realvest Partners Inc., brokered the deal.

Gary and Brenda Vallancourt bought a 21,784-square-foot warehouse on Sprint Boulevard in Apopka for $1 million. Transworld Holdings Inc. was the seller. Jeff Tanner, Craig Duke and Allison Reynolds of Coldwell Banker Commercial NRT negotiated the deal.

Leasing activity

Roofing Supply Co. leased 56,000 square feet in Orlando Central Park. The space includes 8,000 square feet of offices and 48,000 square feet of warehouse. ProLogis is the landlord. Associate Kevin O'Connor of NAI Realvest Partners Inc. represented the tenant.

Independent Building Materials of Orlando leased 35,000 square feet of office and warehouse space on Edgewater Drive in Orlando . Associate Jeff Ettinger of NAI Realvest Partners Inc. represented the landlord, Smyth Lumber Trust #1.

Mesh Skate Park Inc. leased 23,400 square feet of warehouse space on Warren Avenue in Longwood. VBJ Investments LLC is the landlord. Dan Demchak, Craig Duke and Allison Reynolds of Coldwell Banker Commercial NRT negotiated the deal.

Office Furniture Rental Alliance leased 15,400 square feet of industrial space on Florida Central Parkway in Longwood. Stephan M. Neveleff, president of NAI Realvest Partners Inc., represented the landlord, Eckstein Properties LLC.

Consumer Portfolio Services Inc. extended and expanded its lease at Maitland West One for five years, giving the firm a total of 14,043 square feet. Cliff Stein and Tiffany Lee Zullo of Tower Realty Partners Inc. represented the landlord.

KidzLuv Fundraising Inc. leased 12,000 square feet of office and warehouse space in Sanford . Michael Heidrich with NAI Realvest Partners Inc., represented the landlord, SBS Property Investments.