Columbia Promenade

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Kissimmee, (Orlando MSA), FL

 

     

Columbia Promenade is a 66,000 square foot Publix-anchored neighborhood shopping center located in Kissimmee, near Orlando, FL.

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The center is anchored by Publix with a recent renewal and long term commitment to this site. At the time of acquisition, the asset was 92.7% occupied. The asset had been through foreclosure and was sold by the Special Servicer in the midst of the 2020 Covid pandemic. While many investors were sitting on the sidelines during this time, PMAT recognized a unique opportunity to acquire a recession proof asset in a highly coveted Orlando suburb at below market pricing and below replacement cost.

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Columbia Promenade is located on the intersection of John Young Parkway (45,500 VPD) and Columbia Ave (17,000 VPD). PMAT had deep prior knowledge of this dense submarket with explosive growth based on the acquisiton of nearby Gateway Station. Demographics in the area are strong with 194,000 people living in a 5 mile radius earning average incomes of $64,000. 

 

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