Washington Shores Plaza, a neighborhood shoping center in Orlando, has just been sold.
CRP II – Washington Shores LLC purchased the property for $1.8 million. CBRE marketed the REO asset for sale on behalf of Berkadia, the special servicer to the underlying bondholders.
Built in 1998 and located at 2100 Bruton Boulevard, Washington Shores Plaza, consists of two, single-story retail buildings, with Family Dollar, Domino’s, H&R Block and Metro PCS, as current tenants. At the time of the deal’s closing, just over 39 percent of the retail space was occupied.
During the due diligence period, the purchaser secured a 22,500-square-foot lease with Save-A-Lot. The discount grocery store is anticipated to open before the close of 2011.
Capital improvements are also being planned to improve the exterior and complete deferred maintenance projects.
The purchasing entity is affiliated with Community Reinvestment Partners II, LP, a Tampa-based private equity fund sponsored by Forge Capital Partners and DeBartolo Development that focuses on acquiring properties in Community Redevelopment Areas (CRA). Over the past three years, the fund has invested over $180 million in similar properties throughout the Southeast U.S.
“As the real estate market has become more distressed, more transactions are culminating through the foreclosure process,” said First Vice President Daniel Baker, with the CBRE Orlando office. “This transaction demonstrates the trend of distressed assets comprising a generous share of the investment activity in Florida.”
These investors know what’s coming to this traditionally African-American neighborhood very soon.
Now watch for the negative press to amplify about this community in order to drive down the appraised value of the real estate prices and run out the Blacks who presently own properties there many of which are paid for.
Watch for the police helicopters to come out in droves when a nine year old steals a candy bar from the gas station candy section.
Look for the available drugs to increase so that it will set up the arrests of those who are in position to inherit these properties once their elders pass away.
Look for certain crimes to be allowed to happen more so to create a climate of uncertainty amongst the residents as to push them to desire to move away to somewhere “safer!”
You see, to live on prime real estate is an unacceptable position of advantage for Blacks to have by the powers that be for a neighborhood that is positioned deliciously close to the tourist attractions, the highway (I-4) and the downtown area.
So I suggest to anyone who lives in Washington Shores, Richmond Heights, Carver Shores and the surrounding so called ‘hoods, to hold on to your property and let no one tell you how bad the neighborhood is getting because they want YOU to move out while THEY move in to improve it in your absence!