TAMPA — The Tampa division of Buffalo, N.Y.-based Ciminelli Real Estate Services facilitated the $11.5 million sale of Republic Square, a retail center in Orlando that’s slated for redevelopment as a 350-unit multifamily housing complex.
According to a press release, Ciminelli Director of Retail Services Greg McNutt represented the seller, Republic Properties Inc. The buyer is Legacy Partners, which plans to redevelop the 11.4-acre parcel located at the southwest corner of Carrier Drive and Universal Boulevard, in the heart of Orlando’s International Drive tourist corridor.
McNutt, the release states, has more than 15 years of experience in commercial brokerage transactions and services. He’s responsible for leasing and selling Ciminelli’s retail portfolio of properties throughout the Orlando and Tampa Bay markets. He also has expertise in analysis, acquisition, entitlement, construction and management of commercial real estate.
Republic Square is located a half mile east of Interstate 4 and just minutes from Universal Studios, according to the release. The deal closed on Feb. 7.