Orion Real Estate Group buys two new retail buildings

BUYER: STP Sub FM 2 LLC (principal: Joseph Sanz), Miami
SELLER: Clarion Redevelopment Group LLC
PROPERTY: 12631-12641 S. Cleveland Ave., Fort Myers
PRICE: $3.29 million
PREVIOUS PRICE: $3.3 million, August 2012 (contains additional land)

BUYER: STP FT Myers LLC (principal: Joseph Sanz) , Miami
PROPERTY: 12611 S. Cleveland Ave., Fort Myers
PRICE: $1.9 million
PREVIOUS PRICE: $3.3 million, August 2012 (contains additional land)
LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers

PLANS, DESCRIPTION:
Miami-based commercial real estate firm Orion Real Estate Group purchased two retail buildings being constructed on Cleveland Avenue for a total of $5.19 million.

The property includes a 5,500-square-foot building being constructed to house Chipotle Mexican Grill and bed retailer Sleep Number and a separate building for the Caribbean-inspired restaurant Pollo Tropical.

Both buildings are scheduled for completion in July.

“[Our attraction] was the great mix between the strong national tenants at a busy location,” says Kevin Sanz, vice president of Orion Real Estate Group. “All of the tenants have 10 years or more remaining on their leases.”

Sanz says the leases are not entirely passive for the landlord, but for the moment it is working with the developer to handle those additional responsibilities.

Founded in 1978 by Joseph Sanz, Orion Real Estate Group owns more than $400 million worth of retail estate in the Untied States.