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Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, sold/closed on a 1.74-acre Wawa property in the Orlando area for $4.76 million on Jan. 14, 2022. The property is located at 4416 Hoffner Ave., Belle Isle, FL. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America.
Patrick Nutt with SRS National Net Lease Group represented the seller, Limestone Asset Management and Orion Real Estate Group. SRS National Net Lease Group represented the buyer, Good Vibes Realty Two LLC. The buyer is paying cash for the property.
This Wawa is positioned near the signalized, hard corner intersection of S. Conway Road and Hoffner Avenue, averaging 61,000 vehicles passing by daily. Hoffner Avenue is a primary retail and commuter thoroughfare serving the Orlando trade area. More than 236,000 residents and 152,000 employers support the 5-mile trade area.
This sale completes the project for Limestone and Orion, following the redevelopment of a Winn-Dixie into Crunch Fitness and the addition of the Wawa.
“We are very pleased to have sold this Wawa property, which we developed in 2018, in the Orlando area,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management in a statement. “Orlando continues to be one of the most visited cities in the world, and this property benefits from significant street frontage and multiple points of access for customers.”
Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group’s expertise to complete all of its North America-based transactions.
Miami-based Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America.
Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4 billion in transactions and holds a portfolio exceeding $800 million.