JLL closes $13.5M sale of Orlando outparcel pads
The three single-tenant pads are across from the International Premium Outlets
ORLANDO, September 11, 2019 – JLL announced today that it has closed the $13.5 million sale of three newly constructed, single-tenant retail pads occupied by Starbucks, LongHorn Steakhouse and Bahama Breeze in Orlando, Florida.
JLL marketed the properties on behalf of the seller, a partnership between North American Properties and institutional investors advised by J.P. Morgan Asset Management. Orion Real Estate Group purchased the assets.
The three buildings were constructed in 2018 and are net leased to three investment-grade credit tenants, Starbucks, LongHorn Steakhouse and Bahama Breeze. Starbucks is the only single-tenant Starbucks within a six-minute drive from Universal Orlando, and both LongHorn Steakhouse and Bahama Breeze are the only two restaurants within the Darden family of restaurants located in such close proximity to Universal Orlando. Situated at 5460, 5540 and 5620 W. Oak Ridge Road, the three outparcel pads are across the street from the Orlando International Premium Outlets, which welcomed 17 million annual visitors last year and is a top U.S. retail asset based on sales volumes. The assets are in the heart of Orlando’s Tourist Corridor, and Orlando welcomed a record 75 million visitors in 2018. The three outparcels are directly connected to theme parks via the new Grand National Drive overpass, a soon-to-be-access point for Interstate 4 Express Lanes that are under construction.
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 along with Senior Managing Director Marc Mandel and Director Steve Schrenk.
“The outparcels at Grand National are located in the highest-grossing tourism market and one of the best retail trade areas in the United States,” Brewster said. “Since 2018, over a billion dollars of real estate investment has poured into the three-mile radius surrounding the assets, culminating in high-quality, institutional-caliber developments like the outparcels at Grand National.”
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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 North American Properties
Founded in 1954, North American Properties is a privately held, multi-regional real estate operating and development company that has acquired, developed and managed more than $7 billion of mixed-use, retail, multifamily and office properties across the United States. Rooted in its purpose-driven approach to development, North American Properties is creating great places that connect people to each other; cities to their souls; partners to opportunities; and individuals to experiences that move them. Headquartered in Cincinnati, with offices in Atlanta, Dallas and Fort Myers, Florida, the company has developed 22 million square feet of commercial space and 19,000 residential units in 15 states and 67 cities. In the past three years, North American Properties has launched 36 projects totaling $2.2 billion in total capitalization. Visit naproperties.com to learn more.
About J.P. Morgan Asset Management
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $148 billion in assets under management and 750 professionals (as of March 31, 2019), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives and hedge funds. Operating from 18 offices throughout the Americas, Europe and Asia Pacific, the company’s independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: jpmorganassetmanagement.com.
About Orion Real Estate Group
Orion Real Estate Group provides national and international commercial real estate services. With involvement in more than $3 billion in transactions and a portfolio exceeding $600 million, Orion Real Estate Group has the global experience, deep U.S. roots and innovation to thrive in a sophisticated, international market. For more information, please visit orionmiami.com.