Orlando, FL – May 9, 2013 – (RealEstateRama) — CBRE arranged the sale of North Lake Plaza, an 85,325 square foot community shopping center in Leesburg, Florida, for $3,400,000.
“With the increased access to favorable financing, we were able to garner multiple offers on this strong performing, stabilized asset and secure a fair, market price for our client,” said Daniel Baker, CBRE First Vice President.
Situated in the growing community of Leesburg, home to many of Florida’s largest adult communities, North Lake Plaza is anchored by a Tractor Supply and Bealls Department Store and adjoins a multi-tenant strip center. The property was constructed in 1985 and formerly housed a Walmart. When Walmart relocated in 2000, the facility was redeveloped for these two tenants. North Lake Plaza is prominently located on U.S. Highway 441/27 just North of where the two thoroughfares merge.
Daniel Baker of CBRE’s Retail Investment Group in Orlando, along with Craig Taylor, Senior Vice President of CBRE’s Private Capital Group in Atlanta, represented the seller, Riverwood Properties. The buyer was Vanguard Associates, a real estate developer and investor that had redeveloped the building in 2000. Interestingly, these same brokers facilitated this recent transaction as well as the sale in 2005 between the same two parties, this time with roles reversed. David Borge, Senior Vice President CBRE Debt & Equity Financing facilitated the acquisition loan from Orlando-based CNL Bank.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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