Institutional Property Advisors Brokers $12.4M Sale of Tri-Cities Shopping Plaza in Mount Dora, Florida
MOUNT DORA, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has brokered the $12.4 million sale of Tri-Cities Shopping Plaza, a 71,172-square-foot retail center in Mount Dora, Florida, the firm announced March 27, 2026.
The property is located at the signalized intersection of U.S. Highway 441 and Eudora Road. The seller, Davie, Florida-based Ross Realty Investments, was represented by IPA senior managing director Kirk D. Olson and IPA's Drew A. Kristol, who also procured the buyer — a Florida-based multigenerational investment group.
Property and Tenancy Overview
Tri-Cities Shopping Plaza is 100% occupied and anchored by TJ Maxx, Ross Dress for Less, and Dollar Tree. The center includes a mix of retail, medical, and service tenants, many of which have occupied the property for more than a decade. Additional tenants include VIPcare Mount Dora, Victoria's Hallmark, Bricks & Minifigs, and Papa John's Pizza.
The center is shadow-anchored by a high-volume Hobby Lobby and sits less than half a mile from Walmart, Target, and ALDI. The property was built in 1988.
Location and Traffic Count
The property's location at a signalized intersection along U.S. Highway 441 and Eudora Road generates a combined traffic count of approximately 53,900 vehicles per day.
"Tri-Cities Shopping Plaza generated strong interest from multiple qualified buyers, driven by its quality anchor tenancy and location within a highly desirable submarket," said Kirk D. Olson, IPA senior managing director. "The center enjoys a high traffic count along U.S. Highway 441 in Mount Dora, one of central Florida's most dynamic, high-growth areas."
Deal Context
IPA exclusively listed the property for sale on September 24, 2025, with the transaction closing approximately six months later. The deal adds to a series of Florida retail transactions brokered by IPA in recent periods, including the November 2025 sale of Westchase Town Center, a 58,383-square-foot open-air shopping center in the Westchase neighborhood of Tampa, and the May 2025 sale of Cross Creek Center, a 37,201-square-foot neighborhood shopping center in Boynton Beach.
About Institutional Property Advisors
Institutional Property Advisors is a division of Marcus & Millichap dedicated to serving institutional clients through real estate investment and capital markets expertise. The firm offers services spanning the acquisition, disposition, and financing of institutional properties and portfolios.