Cleeman and Putterman of CCIRE handle $16 million sale of Orlando shopping center

Cohen & Co., Inc. Real Estate (CCIRE) has completed the sale of Regency Village, an 83,167 s/f shopping center for $16 million. Michael Cleeman, vice president of CCIRE, represented the buyer, H&R REIT, a publicly traded REIT based in Toronto, Canada; Helen Putterman, president of CCIRE, represented the seller, Cohen Commercial Properties, a real estate investment and development company with offices in New York and Florida. The center, located directly across the street from the Orlando Premium Outlets, one of the largest outlet centers in the United States, is at the busy intersection of Vineland Avenue and International Drive South in Orlando. The property is anchored by a high sales volume Publix Supermarket and Outback Steakhouse and was 97 percent occupied at time of sale. "H&R REIT moved quickly at the off market opportunity to purchase a Publix Super Market-anchored retail center in a strong market with upside opportunity and strong sales," said Cleeman. "The property will fit in very nicely with the company's recent portfolio acquisition of four Publix anchored retail properties in the Central Florida area. "During the buyer's due diligence, a 4,000 s/ft tenant abruptly vacated the center, but all parties - the buyer, seller and the Cohen and Company team - worked together to facilitate the closing where the buyer accepted a Master Lease from the seller for the vacant space," Cleeman said. "The center's impressive tenant sales, secure income stream, excellent physical condition and prime location secured an excellent cap rate for the seller," reported Helen Putterman. CCIRE, in conjunction with its Palm Beach Gardens, Fla. office, is among the leading full service brokerage firms specializing in shopping centers throughout the United States. For additional information about this deal or any other properties for sale, contact Michael Cleeman or Helen Putterman at 212-679-1222 or via email [email protected] or [email protected].