Orlando shopping center in high-growth submarket trades for $8.05M

ORLANDO, April 6, 2022 – JLL Capital Markets announced today that it has closed the $8.05 million sale of Avenue Shoppes, a 42,196-square-foot retail strip center and outparcel to The Florida Mall in Orlando, Florida.

JLL marketed the property on behalf of the seller, Navarra Investments, LLC, and procured the buyer, House Reform Group. The JLL team brokered the sale of this property to the seller three years ago.

Originally constructed in 1988, Avenue Shoppes was most recently renovated in 2020 when the seller implemented a capital improvement plan to reposition the property, which is now stabilized. The 94-percent-leased center is home to a strong-performing mix of service, restaurant and medical tenants, including Euro Living, Wallcoverings Mart, Toxic Lounge, Greenberg Dental, GL Staffing, Little New Orleans, Let’s Relax Spa, Le’s Alternations, Memories of Peru, Adega Gaucha and Estrella Insurance.

Avenue Shoppes is situated on 2.74 acres at 8204 Crystal Clear Lane in the southern part of Orlando. The center is a direct outparcel to The Florida Mall, a top-performing mall in the U.S. that attracts more than 20 million visitors annually. This position at the southeast corner of South Orange Blossom Trail, a main passageway through Florida, and West Sand Lake Road provides optimal visibility to 107,782 vehicles per day. Additionally, Avenue Shoppes serves a growing trade area that includes 70,314 residents within a three-mile radius, which is predicted to balloon to 77,767 by 2026, and Universal’s Epic Universe is being developed nearby, which will add to the submarket’s booming tourism industry.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller and buyer was led by Senior Director John Krzyminski and Director Max Krzyminski.

“This is great asset for the buyer’s portfolio, who is looking at the future value increase once Epic Universe and a number of other major area improvements and redevelopments are completed and will also bring strong tenants to the center for repositioning,” John Krzyminski said.

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.

For more news, videos and research resources on JLL, please visit our newsroom.