HFF announces $26.156M sale and $18.915M financing of Orlando power center

ORLANDO, FL – November 20, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $26.156 million sale of and $18.915 million acquisition financing for International Drive Value Center, a 186,000-square-foot power center in Orlando, Florida.

The HFF team marketed the property on behalf of the seller, Retail Value Inc. (RVI).  A partnership between Collett Capital and Long Wharf Capital purchased the asset.  Additionally, working on behalf of the new owner, the HFF team placed the five-year, floating-rate acquisition loan with TD Bank.  Loan proceeds will be used for the acquisition and to fund future capital improvements.

International Drive Value Center is 95 percent leased and anchored by multiple national and regional tenants, including Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNTS, Five Below and Dollar Tree.  The center spans 23 acres and is at 5295 International Drive.  Located at the epicenter of central Florida, International Drive Value Center is approximately six miles from downtown Orlando, 8.5 miles northeast of Walt Disney World® and less than one mile southeast from Universal Studios.  Additionally, the center is in the nation’s No. 1 retail submarket, the International Drive Retail submarket.

The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and associate Michael Brewster.

The HFF debt placement team representing the new owner consisted of senior managing director Travis Anderson, senior director Cory Fowler and managing director Rebecca Van Reken.

“Orlando is one of the most highly sought-after retail investment markets in the U.S. in 2018,” Peterson said.  “We have the No. 4 fastest-growing population and No. 2 fastest-growing workforce in the U.S., which is squarely on the radar of investors.  So far in 2018, our team has priced 12 retail centers totaling more than $360 million in value in Orlando, and investor enthusiasm has been very robust.”

“International Drive Value Center is one of the premier retail centers in central Florida, and, given its prime location in the heart Orlando’s dynamic and thriving tourist corridor, many of the tenants achieve sales volumes far in excess of chain averages,” Leonhardt added.  “The future of the asset looks even brighter given the continued success of the nearby Orlando International Premium Outlets combined with the new nearby mixed-use developments.”

About Retail Value Inc.
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange.  RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp.  RVI focuses on realizing value in its business through operations and sales of its assets.  Additional information about RVI is available at retailvalueinc.com.

About Collett Capital
Collett Capital is a privately owned acquisition platform that focuses on acquiring undervalued community shopping centers in the southeast, southwest and midwest, and southeastern real estate assets with existing cash flow and the potential for long-term capital appreciation.  Since its inception in 2015, Collett Capital has invested in over $150 million worth of real estate.  Visit collettcapital.com for more information.

About Long Wharf Capital
Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S.  Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices.  Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets.  For further information, visit: longwharf.com.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.


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