Dealmaker: Marcus & Millichap Brokers $22M Orlando Retail Sale

Marcus & Millichap, Calabasas, Calif., sold Hoffner Commerce Center, a 93,750-square-foot retail property on a 10.4-acre lot in Orlando, Fla., for $22 million.

Marcus & Millichap Senior Associates Salim Valiani and Andrew Jaworski listed the property for seller Hoffner Center LLC, Orlando.

“The seller had owned this property for several years and wanted to capitalize on the hot commercial real estate market,” Valiani said. “The buyer, Arturo Borges of Avanti Way Capital, was looking for a retail plaza with value-add opportunities and a high-yielding yearly income.”

Located at 5449 South Semoran Boulevard, Hoffner Commerce Center is less than four miles from Orlando International Airport. The 53-suite building is currently 93 percent occupied by a mix of tenants including Labcorp and State Farm Auto Insurance.

The property is currently zoned for industrial park zoning, allowing for a building with up to 318,641 square feet of building floor area. Current and future zoning would permit hotels, offices, medical, parking, services, warehouse or wholesale opportunities for investors.