IRC acquires Orlando retail center for $6 million

OAK BROOK - IRC Retail Centers will acquire Phase II of Goldenrod Marketplace, a community shopping center located in Orlando, Fla., for $6 million in cash.

Goldenrod Marketplace Phase II comprises approximately 33,140 square feet of in-line retail space that is nearly fully leased to Dollar Tree, Great Clips, Lucky Me, Payless Shoes, Rue 21 and Sally Beauty.

IRC previously acquired Goldenrod Marketplace Phase I in December 2013. Phase I totals approximately 97,500 square feet of retail space, including 64,000 square feet leased to anchor tenants Marshalls and L.A. Fitness, two multi-tenant outbuildings totaling 27,500 square feet that feature a complementary blend of retailers and service providers, and two out-parcel buildings totaling 6,000 square feet that are ground leased to Taco Bell and KFC. In total, Goldenrod Marketplace aggregates approximately 130,640 square feet of gross leasable area (GLA) including ground leases and is approximately 94.7 percent leased. The center is shadow-anchored by a 207,000-square-foot Wal-Mart Supercenter.

"We are pleased to complete our acquisition of Goldenrod Marketplace, which is well-located in a top U.S. market and showcases a diverse mix of tenants offering everyday goods and services," said Scott Carr, executive vice president and chief investment officer for IRC Retail Centers. "Our acquisition of this recently completed retail center complements our ongoing activities with established developers to construct value-oriented and grocery-anchored shopping centers across the central and southeastern United States."

The Goldenrod Marketplace shopping center is situated in Orlando's southeastern market at the intersection of Narcoossee and Goldenrod Roads, where traffic counts exceed 50,000 cars per day. The center draws from a five-mile population base of more than 176,000 with an average household income of nearly $61,000.