JLL arranges $8.5M sale, $5.6M financing of Premium Shoppes at Lake Buena Vista
The Orlando-area retail center is in the heart of the world’s most recognized tourist destination
ORLANDO, October 28, 2019 – JLL announced today that it has closed the $8.5 million sale and arranged $5.6 million in acquisition financing for Premium Shoppes at Lake Buena Vista, a 26,148-square-foot specialty retail shopping center in the heart of the world’s most recognized tourist destination in Orlando, Florida.
JLL marketed the property on behalf of the seller, an affiliate of Orlando-based Intram Investments. West Second Street Associates of Flint, Michigan, purchased the asset. Additionally, working on behalf of the new owner, JLL placed the five-year, fixed-rate acquisition loan with Ameris Bank.
Premium Shoppes at Lake Buena Vista is situated on 5.82 acres at 8600 Vineland Avenue at the entrance to Orlando Vineland Premium Outlet Mall, which is the eighth most successful mall in America, and across the street from Walt Disney World Resort, which is visited by 60 million visitors annually. Additionally, the retail center is visible to nearly 260,000 vehicles per day from its location near the intersection of Interstate 4 and Vineland Avenue and is within walking distance of 1,600 hotel rooms. The fully leased Premium Shoppes at Lake Buena Vista is home to a quality lineup of tenants, including Carrabba's Italian Grill, Panera Bread, Verizon Wireless, Escape Room and Tropical Smoothie Café.
The JLL Capital Markets team that transacted both the sale and the financing included Tarik Bateh, Carson Good (now with Good Capital Group), Jennifer Swanson, and Jennifer Ayers.
“The acquisition of this asset is an excellent opportunity for West Second Street Associates to continue to expand our presence in Florida,” said WSSA Founder and Managing Partner Troy Farah. “The opportunity to acquire a retail property in a major Florida MSA with such high visibility and proximity to Walt Disney World Resort appealed to us, and we look forward to Premium Shoppes at Lake Buena Vista’s continued success as a valuable retail center in the heart of a thriving tourist destination.”
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Intram Investments
Intram Investments, Inc. is an Orlando, Florida-based real estate development and investment company. Since its inception in 1991, Intram’s activities have centered on its strategic plan via acquisitions of high-profile, infill retail properties and build-to-suit developments at premium locations throughout Central Florida; and other endeavors. Visit intram.com for more information.
About West Second Street Associates
West Second Street Associates (WSSA) was founded in 1993 based on the philosophy of providing quality service, with integrity and excellence, across the entire spectrum of real estate investment and development. WSSA is a national, full-service real estate development and management company. Its track record of success has positioned WSSA as a profitable leader in government, commercial and multi-family residential real estate. To learn more, visit wssallc.com.