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Avanti Way Capital Acquires Shoppes at Lake Mary for $8 Million
Miami-based real estate management firm Avanti Way Capital announced the acquisition of Shoppes at Lake Mary. The firm purchased the 37,685-square-foot shopping center for $8.36 million from another Miami-based real estate investment firm, Gallum Capital.
This purchase adds to the firm’s growing portfolio throughout Florida, which includes a 120-unit residential development in Orlando, 190 townhomes in Tampa, and 127 units in lake Worth. Principal Enrique Teran notes that the purchase “aligns with our continued expansion through major Florida markets.”
He added, “Shoppes at Lake Mary also exhibits value-add potential by repositioning expiring leases and filling up remaining vacant spaces as well as driving for maximum efficiency through our unique approach to management.”
The Shoppes, originally built in 1985, is currently 94% occupied, and includes tenants like Debs Kitchen, Lake Mary Dry Cleaners, Lighthouse Seafood, Morganic Meats and Foxcase LLC, and others.
- ◦Sale/Acquisition
