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Lake Mary couple buys City Crossings

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  • | 3:27 p.m. August 10, 2009
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BUYER: Ovation Properties Inc. (principals: Richard and Josephine Irumudomon), Lake Mary
SELLER: Plant City Crossings LLC
PROPERTY: 2909 James L Redman Parkway, Plant City
PRICE: $4.85 million
PREVIOUS PRICE: $2.3 million, March 2006
LAW FIRM ON DEED: Fassett Anthony & Taylor PA, Orlando
PLANS, DESCRIPTION: Lake Mary investors Richard and Josephine Irumudomon purchased the 18,849-square-foot City Crossings retail strip center on James L. Redman Parkway north of Charlie Griffin Road for $4.85 million.

The purchase price equated to $257 per square foot of retail space.

The two-year-old center is anchored by an 8,900-square-foot Panera Bread and also houses Mattress Giant, Verizon Wireless and other smaller tenants. The center was 95% occupied at the time of the sale. Florida Blood Services has since signed a lease, but a 1,000-square-foot space remains vacant. The lease rate for the space is listed at $23 a square foot.

Mike Milano and Cynthia Shelton of Colliers Arnold represented the buyer, and Harry Champ of Coldwell Banker Commercial NRT in Maitland represented the buyers.

“This was [the buyer's] first property investment,” Champ says. “What they liked was the stability of the current tenants. It was nicely diversified across several small tenants.”

The Irumudomon's purchase entity of Ovation Properties Inc. mortgaged the property to Orange Bank for $2.43 million.


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