Avison Young secured a $7.7 million loan for the purchase of a Central Florida shopping plaza anchored by clothing stores Ross Dress for Less and TJ Maxx.
Tri Cities LLC paid more than $11 million May 18 for the Tri-Cities Shopping Plaza at 16900 U.S. Highway 441 in Mount Dora, which was sold by Kimco Realty Corp. affiliate Kimco Mt. Dora 677 Inc., according to the Lake County property appraiser’s office.
Kimco, based in New Hyde Park, New York, is a publicly traded real estate investment trust that owns and operates open-air shopping centers.
Avison Young principal George Vail in Coral Gables represented the buyer on the BankUnited Inc. loan, which covered nearly 70 percent of the purchase price. The loan has seven years at a fixed interest rate and a 30-year amortization.
State corporate records list Tri Cities’ managers as Avison Young’s Brian Mark and Scott Auker in Fort Lauderdale.
The 78,452-square-foot plaza is on 13 acres on the southwest corner of U.S. Highway 441 and Eudora Road.
Despite the growth of e-commerce and reports of a retail slowdown, the plaza is a healthy asset, Vail said.
“You have value tenants such as Ross Dress for Less and restaurants and small shops. These are the types of centers that are actually thriving and doing well and buyers are chasing right now,” he said. “These are the types of retail centers buyers are pursuing these days.”
Ross Dress for Less and TJ Maxx are surviving in the current retail climate largely because of a higher-end merchandise mix, he added.
“The sales were good at the Ross and TJ Maxx at this location. The retailers you are seeing struggle are the Sears and the JCPenney,” Vail said.
The plaza is 94 percent occupied.