Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
AEW Acquires Orlando Retail Center for $73M
AEW Capital Management acquired Center of Winter Park near Orlando from Sterling Organization for $72.75 million. The 244,977-square-foot shopping center was originally acquired by Sterling’s value-add institutional fund in February 2013 for $27.65 million.
Located at Orlando Avenue and Lee Road, 4.5 miles from downtown, the property underwent a facelift and re-tenanting under Sterling’s watch after a Kmart closed in 2014. Sterling backfilled the Kmart box with new anchor tenants, including a Marshalls/HomeGoods combination store, Ross Dress for Less, and DSW. Sterling also upgraded the entire property’s façades, lighting, parking lot, signage and landscaping, which helped bring occupancy up to 97%.
Sterling’s Brian Kosoy says, “During our five years of ownership, our team was able to execute a textbook repositioning of Center of Winter Park, increasing the quality of the tenancy and more than doubling the net operating income at the property.”
HFF marketed the deal on behalf of the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

