The 28,437 square foot center at 1015 State Road 436, Casselberry, Fla. was sold by Crossman & Company client MMI Development.
Crossman & Company Managing Director Brian Carolan and Director of Brokerage Services Christie Alexander represented the seller.
Summit Plaza II was 86 percent occupied with office and retail tenants at time of the purchase including Allstate Insurance, Palma Maria Restaurant and Aladdin’s Café.
Suleiman Musallam of Lababidi Realty Group represented the buyer.
MMI Development purchased Summit Plaza II in 2016, as part of a portfolio with the intent of redeveloping a portion into a free-standing Wawa. The Wawa is currently under construction and the sale represents the successful execution of the seller’s original exit strategy.
“The property received significant interest given the visibility along SR 436 which sees over 60,000 cars per day. The new owner plans on undertaking several capital improvement projects,” noted Carolan.
The experienced Crossman & Company team continues to show the ability to connect retail center and office building owners and developers like MMI Development of Orlando, Fla. with desirable buyers.
Crossman & Company is one of the Southeast’s leading commercial real estate firms focused on serving retail landlords exclusively throughout Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia.
With offices in Atlanta, Ga., Orlando, Tampa, Miami and Boca Raton, Fla., and Charlotte, N.C., the firm represents more than 400 shopping centers and 28 million square feet under lease and/or management.
For more information contact marketing coordinator Andrea Paredes at (407) 581-6246 or aparedes@crossmanco.com or visit www.crossmanco.com.