Institutional Property Advisors Closes Central Florida Shopping Center Sale
“The seller has completed significant improvements to the property and Winn Dixie extended its lease and will open a new liquor store at the property,” said Kirk Olson, IPA senior director. “There is also a new Culver’s outparcel that is being developed on the site with a drive-thru.” Olson and IPA’s Drew Kristol represented the seller, Fort Lauderdale-based Harry Spitzer of HS Capital, who acquired the asset for $5.65 million in 2019. Olson and Kristol procured the buyer, FrostPoint Capital, which is based in West Palm Beach. FrostPoint has been an active shopping center investor throughout the Southeast since the company was founded in 2020.
“Located within one of Orlando’s most important retail submarkets, Bridgewater Commons is a strategic location for Winn Dixie,” added Kristol. The shopping center is located at the corner of East Colonial Drive and Bridgeway Boulevard, just east of the S.L. Holland Expressway ramp. One of Orlando’s main east/west retail arteries, East Colonial Drive connects the Orlando central business district to the Space Coast on Florida’s East Coast and to Spring Hill on the state’s West Coast.
Bridgeway Boulevard is the entrance to the Bridgewater neighborhood, which has 815 single-family homes with a median value in excess of $420,000. The University of Central Florida is 1.5 miles to the north and there are several new residential developments under construction in Bridgewater Commons’ immediate trade area.
Built in 1998, Bridgewater Commons’ tenants include Subway, Avalon Dance Studio,
Two Guys Pizzeria, Amigos Barbershop, New Shang Hai Restaurant, Winn Dixie Liquors, and Greenberg Dental.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.