JLL closes $39.75M sale of Central Florida lifestyle retail center to Columbus Pacific
The mixed-use center has office space and additional development potential
MIAMI, September 30, 2019 – JLL announced today that it has closed the $39.75 million sale of Market Street at Heath Brook, a 393,387-square-foot, regionally dominant, mixed-use lifestyle/entertainment village with office space in the Orlando-area community of Ocala, Florida.
JLL marketed the property on behalf of the seller. Columbus Pacific purchased the asset.
Anchored by Dick’s Sporting Goods, Marshalls (opening in October), HomeGoods, Barnes & Noble, DSW, Old Navy and Ulta Beauty, Market Street at Heath Brook is also home to Panera Bread, Orangetheory Fitness and Ocala Eye along with more than 70,000 square feet of office space and a Dillard’s shadow anchor. The center was constructed in 2008 and is currently being expanded with the addition of a shadow 12-screen Epic Theaters entertainment component scheduled to open in December. Additionally, the sale includes more than 60,000 square feet of available space and excess land for future development. Situated on 55.1 acres at 4414 SW College Road, the center is in Ocala, the “Horse Capital of the World” and a rapidly growing Central Florida destination approximately 80 miles northwest of Orlando. Market Street at Heath Brook is the only major retail hub within a 30-mile radius and is located on the main retail thoroughfare in the trade area, which includes about 258,000 residents.
The JLL Retail Capital Markets team that represented the seller included Senior Managing Director and Co-Head of HFF’s Retail Practice Danny Finkle, Managing Director Luis Castillo, Director Eric Williams, Senior Director Whitaker Leonhardt and Analyst Megan Fitzpatrick.
“Market Street at Heath Brook has undergone an amazing transformation the past few years with the addition of numerous best-in-class retailers and restaurants,” Finkle said. “The recent leasing momentum and market dominant position within a vast trade area make this a fabulous acquisition for the Columbus Pacific team.”
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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 Columbus Pacific
Since 1995, Columbus Pacific has been developing, redeveloping and acquiring Class A properties across the United States. Partners Phillip Duke and Rick Margolis have over four decades of commercial real estate experience, with an emphasis on acquisitions, financing, leasing, management, development and operations. Visit columbuspacific.com to learn more or contact Phillip Duke at (310) 395-2580 extension 229.