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Orlando Crossing Continues Recovery: Plans Major Facelift

I-Drive Orlando Crossing retail center doubles occupancy since 2011 purchase

FOR IMMEDIATE RELEASE

 
PRLog (Press Release) - Apr. 6, 2012 - Orlando, Fla.  – The Orlando Crossing shopping center on I-Drive, that only a year ago faced foreclosure, is now in the midst of a major revival and is planning to start construction on a new facade this summer.

In early 2011, the 120,000-square-foot shopping center had an occupancy rate of less than 50 percent. Today, the center is popular with tourists and is nearly 90 percent full with two new standalone outparcels on the market. Both of which are receiving national attention.

Antonio Romano, a managing partner in the ownership group OrlaCross LLC, is architect of the impressive turnaround.

Romano, a commercial turnaround specialist, explains that his strategy is to look for distressed properties that might have bright futures if put in the right hands. Orlando Crossing certainly fits that description. Anchored by Peter Glenn, Adidas and Samsonite, the shopping center is located in one of the most popular tourist strips in the world.

New tenants signed include:
•   Amazon Forest Café
•   MacroBaby
•   Vitamin Planet
•   Innovation Special Store
•   Trade 21 Casual Apparel
•   Costa Brazil Tours and Travel
•   Carte Blanche Perfumes, Optical and Watches
•   DM Electronics
•   The Halloween Store and Costume
•    Motor Sports of Orlando
•   Florida Connection Properties – Real Estate
•   Carte Blanche Fine Watches
•   Carte Blanche Optical and Fine Sunglasses

In February 2011, Romano brokered a deal to purchase Orlando Crossing before it fell into foreclosure. He got the center out of litigation by negotiating with both the previous owner and the loan holder, TD Bank, to take over the note. Attorney Don Brown, of Smith and Brown, prepared the legal documents and was the closing agent.
After the sale, the makeover began. The 11-acre site was redesigned to move an unsightly retention pond and rearrange parking. The result was space for three new outparcels which have attracted attention from national franchises.
Orlando Crossing is planning a $1.5-million-dollar facelift for its facade, which will be visible from a planned new overpass that will connect Grand National Drive and Major Boulevard.

"Orlando Crossing is like a beautiful rose bush that just needed tending,'' Romano said. "With care, feeding and a couple of expert changes, this center will blossom and come completely back to life. It can be a true asset to International Drive and a great draw for local shoppers headed to the area malls and retail outlets."
For Media Contact
Will Wellons or Cori Pope
Wellons Communications
Cell - 407.462.2718
Office - 407.339.0879
will@wellonscommunications.com
cori@wellonscommunications.com

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Source:Wellons Communications
Country:United States
Industry:Real Estate
Tags:Atlantic Express, real estate development, Orlando crossing, OrlaCross LLC, orlando shopping centers, international drive
Shortcut:prlog.org/11843474
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