Grocery-anchored center in high-growth Orlando market sells
JLL Capital Markets completed the $12.7M sale of Columbia Promenade in Kissimmee
MIAMI, Oct. 11, 2021 – JLL Capital Markets announced today that it has closed the $12.7 million sale of Columbia Promenade, a 65,853-square-foot, Publix-anchored shopping center in the Orlando-area community of Kissimmee, Florida.
JLL represented the seller, PMAT Companies, in this off-market transaction after introducing the buyer to this targeted deal.
As an entrepreneurial platform funded by private capital, PMAT was able to acquire the property at opportunistic pricing amidst the dislocation in capital markets during the Global Health Crisis in mid-2020 and to, thereafter, quickly complete lease-up and stabilize the rent roll, resulting in a prime acquisition profile for the buyer.
Completed in 2000, Columbia Promenade is 98.6 percent leased to a diverse tenant roster led by Publix, H&R Block and MetroPCS, to name a few. Situated on 9.7 acres at 1251 W. Columbia Ave., the property is in a high-traffic location with frontage along John Young Parkway, which provides regional connectivity. Columbia Promenade is in a dense, infill location with nearly 75,000 residents who live within a three-mile radius. The area has a strong projected population growth of 8.2 percent within the next four years.
The JLL Capital Markets team that represented the seller was led by Senior Managing Directors Danny Finkle and Brad Peterson, Senior Directors Eric Williams and Whitaker Leonhardt and Vice President Kim Flores.
“Columbia Promenade represented an attractive opportunity to acquire a high-quality Publix-anchored asset in one of the Orlando MSA’s most rapidly growing trade areas,” Williams said. “PMAT did a tremendous job positioning the property for long-term success, and Columbia Promenade will serve as a great addition to the buyer’s portfolio.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About PMAT Companies
PMAT is a real estate development and investment firm focused on value-add Select Open Air Retail (SOAR) investments across the Southeast, Sunbelt, Midwest and Mid-Atlantic regions. The initial PMAT platform was founded by ICSC Trustee Robert A. Whelan in 2003 and the team has since acquired and renovated nearly 50 primarily grocery-anchored shopping centers with an aggregate transaction value of over $1 billion consisting of approximately 10 million square feet in total. PMAT’s investment strategy is to acquire value-add select open-air retail anchored by grocery, discount, off-price and necessity tenants and to create long-term value through redevelopment, renovation and re-tenanting of these fundamentally strong assets.