Harbert Realty Services has closed on the sale of The Solary, a two-story, 16,023 SF medical anchored retail center located in Oviedo, Florida. The property sold nearly at asking price for $4,920,000 ($307 PSF; a 5% cap rate) and closed in less than 60 days. Harbert developed the property in 2008 and has controlled leasing and management at the center since the property was built. Harbert Realty’s Josh Smith and Justin Walker represented Harbert in the sale and have been retained for leasing and management at the property.
“Harbert Realty is very happy with the transition of Ownership,” stated Justin Walker, Senior Associate with Harbert Realty. “We will continue to work on this asset to the best of our capability as the Leasing Agents and Property Managers and service our client. This will continue to be one of the staple Medical/Retail centers in Oviedo.”
Anchored by Orlando Health, Inc., the center is currently 83% occupied with a diverse tenant mix. The building features a strong lineup of diverse businesses providing the asset with a dynamic, stable tenant mix which includes financial, health and medical. Located in the heart of Oviedo, the Solary is ideally situated on CR-419, giving the asset clear visibility along a high-traffic thoroughfare.