Colliers | U.S. has arranged the sale of Casselberry Exchange, a rare value-add shopping center in Orlando, for an undisclosed amount.

Colliers represented funds managed by affiliates of Apollo in the sale of the property, located at 5803 US Highway 17-92 in Casselberry, approximately 12 miles north of Orlando, to RD Management.

Casselberry Exchange is a 125,538 square foot shopping center situated at the dominant intersection of SR-436 and SR-17/92 (121,000 combined VPD) with strong surrounding demographics as more than 93,000 people live within 3 miles earning average household incomes exceeding $93,500. The Property features several single tenant and strip center outparcels with prime positioning and frontage at signalized intersections, leased to national tenants including Starbucks, Einstein Bagel Bros, Fresenius Kidney Care, Amscot, and Little Caesars. There are three vacant anchor boxes totaling 83,497 square feet of highly leasable space, along with a former 7/11 gas station outparcel, that created a rare value-add opportunity with redevelopment potential for the buyer.

The Property shares direct access with the 336-unit Sole at Casselberry luxury apartment complex, owned by Nuveen.

The Colliers team representing the seller was led by Brad Peterson and Whitaker Leonhardt.

“It is a rare find anywhere in central Florida to present a true value-add, repositioning of an anchored shopping center,” according to Peterson. “The story of the asset and upside opportunity was truly unique and led to tremendous investor interest for the asset.”