Orion Buying Corp. pays $21m for Orlando strip center
Tourist Plaza has completed the $20.5 million sale of and secured the leasing assignment for Tourist Plaza, a 50,712-square-foot, fully leased strip center along Orlando’s main tourist thoroughfare, International Drive.
JLL procured and represented, collectively with Orion Real Estate Group, the buyer, Orion Buying Corp, in the off-market transaction.
“International Drive is one of the hottest retail markets in the United States, and real estate near the Orange County Convention Center and ICON Park trades at a premium in the rare opportunity that real estate does become available,” said John Krzyminski, senior vice president of JLL leasing team. “This will be an excellent generational hold and trophy asset for Orion’s portfolio. With Universal Orlando building a new theme park and several other large area developments happening in the immediate vicinity, this market will continue to see increased demand for acquisitions and increased property values.”
Located at 8510-8580 International Drive in the heart Orlando’s dynamic and thriving tourist corridor, Tourist Plaza benefits from more than 75 million visitors to Orlando annually, with more than 100 million visitors expected by 2024. With a strong annual occupancy rate of nearly 85 percent, there are more than 50,000 hotel rooms in a three-mile radius, and that number is continuing to grow. Additionally, more than 41,800 residents earning an average annual household income of $115,083 live within a three-mile radius of the property. Completed in 1991, Tourist Plaza is home to a mix of restaurant and retail tenants, including Tony Roma’s, Bar Louie, Bargain World Gift Shop and Cici’s Pizza.
