Grocery-anchored retail center in growing Orlando area sells for $35M
JLL Capital Markets arranged the sale of Shoppes at Nona Place in the 12th fastest-growing area in the country
ORLANDO, Sept. 2, 2021 – JLL Capital Markets announced today that it has closed the $35 million sale of Shoppes at Nona Place, a fully leased, 60,557-square-foot neighborhood shopping center anchored by Bravo Supermarkets in Orlando, Florida.
JLL marketed the property on behalf of the seller, a venture between North American Development Group and Blackfin Partners Investments. A private investor group affiliated with the Flocchini/ Van Wagner Families acquired the property. Advisory support services for the buyer were provided by Edward Romanov of Transitional Finance Partners, LLC.
Shoppes at Nona Place was constructed in 2018 and 2019 and is anchored by Bravo Supermarkets, a market-dominant Hispanic grocer and the only Hispanic grocer in more than nine miles. The fully occupied retail center is also home to a complementary mix of tenants, including Pet Supermarket, First Watch, Heartland Dental, BurgerFi, Aveda, Lime Fresh, F45 and Pig Tails.
Situated on 14.6 acres at 13000 Narcoossee Rd., Shoppes at Nona Place is in a high barriers-to-entry area in the heart of Lake Nona, the 12th fastest-growing community in the nation and Orlando’s most-desirable submarket. More than 28,600 residents earning an average annual household income of nearly $120,000 live within a three-mile radius of the property, which is expected to grow 28% by 2025. Additionally, the property is surrounded by a robust and affluent Hispanic population of about 30,000 within the trade area. The property is also within an emerging medical hub and proximate to significant demand drivers, including the USTA National Campus and Valencia College’s Lake Nona Campus.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt, Director Michael Brewster and Associate Tommy Isola.
“Lake Nona is one of the fastest-growing areas in the entire nation and is truly the place where business and residents want to be because it has so many ‘quality of life’ drivers,” Peterson said. “I cannot think of a region in the nation that already has this level of activity, with so much runway still ahead. For that reason, everyone is clamoring for great real estate in this region. Shoppes at Nona Place is squarely in the middle of all the current action and poised well to benefit from the continued extraordinary growth.”
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.
For more news, videos and research resources on JLL, please visit our newsroom.
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 North American Development Group
North American Development Group (“NADG”) was founded in 1977 and is a full service, vertically integrated real estate platform with over $5 Billion of assets under management. NADG has been active in the acquisition, development/redevelopment, and management of over 300 shopping centers and mixed-use projects comprising well over 35 million square feet across the United States and Canada. Under its residential platform, NADG has completed or is under development on over 6,500 residential units, with a pipeline of an additional ~7,000 units. NADG operates within four distinct platforms: NADG Retail, NADG Residential, NADG NNN REIT and CentreCorp Management Services, NADG’s wholly owned real estate services company. NADG’s team of over 275 professionals are located in 13 offices across North America, 7 in the United States and 6 in Canada. NADG’s head U.S. office is in West Palm Beach, Florida.
About Blackfin Partners
Blackfin Partners is a full-service real estate developer active in acquiring, developing, repositioning and redeveloping properties throughout the Country with a primary focus on States in the Southeast Region. Core areas of focus include the development of single tenant retail properties to large anchored shopping centers and mixed-use developments. The Blackfin standard is to be known for not only the quality of its projects but also for the class in which it does business.
For additional information, visit: BlackfinPartners.com.