Inland Pays $167 per SF for Shoppes of Lake Mary Collection

ORLANDO-Suncor of Lake Mary Ltd. may have recorded the highest per-sf-price retail deal of the year in selling the one-year-old, 74,875-sf, 100%-leased Shoppes of Lake Mary Collection to Inland Real Estate Acquisitions Inc. of Oak Brook, IL for $12.5 million or $166.94 per sf. The pro-forma cap rate was 8.8%.

Shadow anchors are Winn-Dixie and Target. McDonald’s Corp. has 5,000 sf on a 10.5-acre ground lease at the property’s site at 4155 W. Lake Mary Blvd., Lake Mary, FL. Another outparcel ground lease is held by Donato’s Pizza whose shop is scheduled for completion in December.

Boston Market, Checkers, Payless Shoes and Steak N’ Shake are also on outparcel sites that are not part of the sale. Other tenants are Staples, Cato’s, Gators Dockside, Quizno’s Subs, Salon Diva. Quoted average full-service rents are $16.55 per sf.

Jason Lazarus, an acquisitions associate for Inland Real Estate Acquisitions; Inland’s lawyers Charles Benvenuto and Andrew Viola; and Al Taf in the Atlanta office of Marcus & Millichap, represented Inland in the deal.

Ron A. Semans is a princiapl at Suncor.