JLL closes $7.05M sale of Orlando retail center
The property is anchored by a new Presidente Supermarket
ORLANDO, November 12, 2019 – JLL announced today that it has closed the $7.05 million sale of Silver Hills Shopping Center, a 109,001-square-foot, grocery-anchored retail center anchored by Presidente Supermarket in Orlando, Florida.
JLL marketed the property in conjunction with Ten-X on behalf of the seller. A private South Florida-based investor purchased the asset.
Anchored by a new Presidente Supermarket, the 97.4%-leased Silver Hills Shopping Center is also home to CitiTrends, Badcock Furniture & More, AutoZone, Family Dollar, Pizza Hut, A+ Nails and Metro PCS. The center was constructed in 1964 and has been renovated throughout the years, most recently in 2019. Situated on 9.7 acres at 2702 North Pine Hills Road, Silver Hill Shopping Center is in an infill location five miles west of downtown Orlando and at the signalized intersection of Silver Star Road and Pine Hills Road, which exposes the center to more than 77,000 vehicles per day. More than 108,000 residents live within a three-mile radius of the property, and that number is expected to grow seven percent over the next five years.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Director Michael Brewster. The buyer was represented by Joe Valls Retail RE Broker.
“Silver Hills Shopping Center sits right at the gateway intersection of the Pine Hills community in Orlando,” Peterson said. “The property has consistently performed at or near 100% occupancy and is home to numerous highly successful, national retail stores. This intersection is central to the Pine Hills Neighborhood Improvement district focused on stimulating economic investment in this immediate area, and the future is further bolstered by the proximity to Downtown Orlando and the nearby Mercy Drive and Packing District Opportunity Zones.”
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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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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.