Large open-air shopping center near Orlando sells

ORLANDO, July 27, 2022 – JLL Capital Markets announced today that it has closed the sale of Oviedo Park Crossing, a fully leased, 186,212-square-foot open-air shopping center anchored by a slate of high-performing, best-in-class tenants in the Orlando-area community of Oviedo, Florida.

JLL marketed the property on behalf of the seller. Orlando-based private investors acquired the asset.

Completed in 1999 and most recently renovated in 2019, Oviedo Park Crossing is one of the largest and most successful open-air centers in the region. The center is proximate to the leading employment submarkets in Orlando – Downtown Orlando, Maitland, Lake Mary and the Central Florida Research Park. Oviedo Park Crossing is anchored by Bed Bath & Beyond, T.J.Maxx, Ross Dress for Less, Michaels, Office Depot, PetSmart and Shoe Carnival. Sally Beauty Supply, America’s Best Contacts and Phenix Salon Suites round out the tenancy, and the property is complemented by a Lowe’s shadow anchor and attractive tenants that occupy non-owned outparcels, such as Jared Jewelers, Mattress Firm and Dunkin Donuts.

Oviedo Park Crossing is situated on 29 acres at 1115 Vidina Place in Oviedo, a fast-growing, affluent and educated community approximately 10 miles northeast of downtown Orlando and 5 miles northwest of University of Central Florida, the second-largest university in the U.S. with 70,000 students. The center is at the high-traffic intersection of Red Bug Lake Rd. and SR 417, which sees a combined 120,500 vehicles per day. More than 68,300 residents earning an average annual household income of $115,202 live within a three-mile radius, and that number is anticipated to balloon 6.1% to 72,500 by 2026.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Brad Peterson and Senior Director Whitaker Leonhardt. Tamer Iskander with Tivoli Cove Capital, a Miami-based real estate advisory and development company, represented the buyer.

“Oviedo’s prime location, northeast of Downtown Orlando and adjacent to the University of Central Florida, has drawn a demographic that’s among Orlando’s most affluent and educated,” Leonhardt said. “Oviedo Park Crossing is ideally located just off SR 417 and directly across from Oviedo Mall, which has redevelopment plans to introduce medical and residential uses in the coming years. The property has performed exceptionally well since it was first developed over 20 years ago national anchors have renewed with frequency, and any vacancy has been filled quickly.”

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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