JLL announces sale of Central Florida retail center

MIAMI, November 4, 2019 – JLL announced today that it has closed the sale of Countryside Shopping Center, a 124,268-square-foot, grocery-anchored shopping center in the Daytona Beach-area community of Port Orange, Florida.

JLL marketed the property on behalf of the seller, Phillips Edison & Company, Inc. The buyer is an affiliate of Atlanta-based Vanguard Associates, Inc. 

Anchored by Save-a-Lot and Big Lots, the 95.8%-leased Countryside Shopping Center is also home to Halifax Health, Wells Fargo, Cici’s Pizza, Workout Anytime, H&R Block, Total Vision and more. The center is situated on 11.5 acres at 3840 S. Nova Road in Port Orange, which is in the Daytona Beach MSA. The center is in a rapidly growing trade area and is visible to more than 66,000 vehicles per day. Additionally, more than 62,000 residents earning an average annual household income of $64,014 live within a three-mile radius of Countryside Shopping Center.

The JLL Retail Capital Markets team that represented the seller included Director Eric Williams, Senior Managing Director and Co-Head of JLL’s Retail Practice Daniel Finkle, Managing Director Luis Castillo and Senior Director Whitaker Leonhardt.

“Countryside Shopping Center is situated at a dominant intersection within the attractive and growing Port Orange market,” Williams said. “We have experienced a significant resurgence in investor demand for well-positioned retail assets such as Countryside Shopping Center, which garnered strong investor interest during our marketing process. The property offered the optimal investment profile of solid in-place cash flow coupled with future value enhancement opportunities and will be a great addition to the buyer’s existing 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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Phillips Edison & Company, Inc. (“PECO”), an internally managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. PECO’s diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States. Through its vertically integrated operating platform, the company manages a portfolio of 336 properties, including 298 wholly owned properties comprising approximately 33.5 million square feet across 32 states (as of June 30, 2019). PECO has generated strong operating results over its 27+ year history and has partnered with leading institutional commercial real estate investors including TPG Real Estate and The Northwestern Mutual Life Insurance Company. The company remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time. For more information, please visit phillipsedison.com.

Founded in 1994, Vanguard Associates and its affiliates have purchased over 50 retail properties located in Florida, Georgia, North and South Carolina, Tennessee, Louisiana and Alabama, as well as two office projects in Metropolitan Atlanta; these projects total over three million square feet of total space. Virtually all of these properties have followed Vanguard’s strategy of value creation through re-development and re-tenanting of fully or substantially vacant projects or buildings. Vanguard Associates has become an expert in the re-development field by demonstrating the ability to identify suitable acquisition targets at prices that are well below replacement cost. Vanguard Associates continues to seek acquisition properties throughout the Southeastern U.S., with specific emphasis on Georgia, Florida, North and South Carolina.