January 28, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $8 million sale of and $4.8 million acquisition financing for the Village Shoppes at Altamonte, a 35,381-square-foot, fully leased retail strip center in the Orlando-area community of Altamonte Springs, Florida.
The HFF team marketed the property on behalf of the seller, Pacific West Land. A fund sponsored by Shannon Waltchack, a Birmingham-based owner operator, purchased the center. Additionally, working on behalf of the new owner, the HFF debt team placed an eight-year, non-recourse acquisition loan with Continental Casualty Company, a subsidiary of CNA Financial Corporation.
Village Shoppes at Altamonte is situated on 6.1 acres at 249 West SR 436 in the dominant retail trade area of Altamonte Springs, which is located eight miles north of downtown Orlando. With direct frontage on SR 436, the center is exposed to more than 60,000 vehicles per day. The recently renovated Village Shoppes at Altamonte is 100 percent leased to a variety of tenants, including International Diamond Center, Skyra Performing Arts Center, Copacabana Cuban Café, Antica Pizzeria, Cookie Dough Bliss and Spa Touch Dentistry.
The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and analyst Tommy Isola.
The HFF debt placement team representing the new owner consisted of managing director Rebecca Van Reken.
“Village Shoppes at Altamonte is ideally situated in the heart of the thriving SR 436 retail corridor and has greatly benefitted from the I-4 Ultimate Project, nearby road improvement projects and surrounding infill redevelopments introducing new hotels, apartments and office buildings,” Leonhardt said.
“The financing of Village Shoppes at Altamonte demonstrates that there remains a wide variety of debt alternatives available for well-occupied retail centers,” Van Reken added. “This non-recourse loan was creatively tailored to match the specific needs of our client and their business plan.”
Shannon Waltchack has recently raised a fund, SW Neighborhood Centers (SWNC), to acquire unanchored neighborhood centers in affluent and dense communities across the southeast with a diverse mix of e-commerce resistant tenants.
“We have $75 million dedicated to finding small, unanchored neighborhood centers like Village Shoppes,” stated Derek Waltchack, a founder of Shannon Waltchack.
“In 2019 we’d like to buy two to three more centers in Orlando” said Joey Azar, Shannon Waltchack managing director, who overseas acquisitions, financings and dispositions for the fund.
HFF recently announced the closing of three other Orlando-area retail centers, Marketplace at Seminole Towne Center, The Fountains at Bay Hill and International Drive Value Center in addition to the sale and financing of The Shoppes of Lake Mary last spring.