Cushman & Wakefield Negotiates Disposition Of Oak Grove Shoppes For $19.5 Million
17 Nov, 2005, Orlando, FL
Cushman & Wakefield represented TSO Oak Grove, LLC in the sale of Oak Grove Shoppes, a 176,177 square foot shopping center, for $19,500,000. The 93% occupied center, located in Altamonte Springs, is anchored by Fresh Market, Stein Mart, Drexel Heritage Furniture and World Gym.
Cushman & Wakefield investment sales specialist Jim Michalak represented the seller, TSO Oak Grove, LLC, based in Atlanta, Georgia. Woolbright Development, Inc., based in Boca Raton, Florida, was the purchaser.
"The asset is located in a densely populated residential market and services an affluent trade area. The seller disposed of the asset to take advantage of the highest value market in recent history. The buyer acquired the property because the price was well below replacement cost considering the high cost of construction, escalated land and impact fee expenses," says Michalak.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
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