Newport Capital Partners Acquires 160,792 SF Colonial Oaks Shopping Center in Orlando
ORLANDO, FLA. — Newport Capital Partners has acquired West Colonial Oaks, a 160,792-square-foot, grocery-anchored shopping center situated on the southwest corner of West Colonial Drive and North Hiawassee Road in Orlando. Newport Capital acquired the property via its Newport Capital Partners Fund III. The property was sourced and acquired off-market from a private investor. Newmark arranged acquisition financing through Ameris Bank. The seller and sales price were not disclosed.
West Colonial Oaks is currently 94 percent leased and its largest tenant is national discount retailer Ollie’s Bargain Outlet. The property’s other tenants include Fancy Fruit & Produce, Office Depot, Crazy Buffet, Family Dollar, Olive Garden and Optum Primary Care.
The shopping center is shadow-anchored by The Home Depot and is also close to employment and education drivers including Valencia College, Orlando Health Central Hospital and the Seaboard Industrial neighborhood, which is home to Amazon’s 1.1 million-square-foot distribution center.