JLL closes $18.6M sale of trophy Orlando retail center
The property is along the renowned International Drive
ORLANDO, January 7, 2020 – JLL Capital Markets announced today that it has closed the $18.6 million sale of International Shoppes, a 73,568-square-foot shopping center anchored by Boot Barn on the renowned International Drive in Orlando within the world’s most recognized tourist destination.
JLL marketed the property on behalf of the seller, Edgewood Capital Advisors LLC, and procured the buyer, 5600 IDrive LLC.
Situated on 5.64 acres at 5600 International Drive, International Shoppes is situated within the International Drive Tourist Corridor at the southeast corner of Kirkman Road and International Drive, which sees a combined 62,000 vehicles per day. The property is in the heart of Orlando’s strongest tourism market and surrounded by numerous demand drivers, including Walt Disney World Resort, which is visited by 60 million visitors annually, and the iDrive Corridor has more than $2 billion in planned and approved development projects. International Shoppes is 95% leased to a variety of specialty shops and restaurants.
The JLL Capital Markets team that represented the seller was led by Senior Vice President John Krzyminski and Senior Associate Max Krzyminski. John and Max Krzyminski specialize in investment advisory and sales in the Tourist Corridors, especially the International Drive market.
“With an influx of local and out-of-area real estate investors looking to place capital into the Orlando-area tourist markets, this was a great opportunity for Edgewood Capital Advisors to realize an aggressive exit value for the asset, and at the same time, the buyer was able to recognize the tremendous future value increase of this asset,” Krzyminski said. “International Shoppes is located at one of the top intersections in the greater Orlando MSA and will only continue to appreciate in value as surrounding developments come to life, including the new Universal Orlando theme park, in particular, which will have an entrance just south of this property on Kirkman Road.”
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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.