Retail center sold in Orlando’s main tourist corridor
JLL brokered the $20.5M sale of the strip center and will handle the leasing assignment
ORLANDO, November 4, 2019 – JLL announced today that it has closed the $20.5 million sale of and secured the leasing assignment for Tourist Plaza, a 50,712-square-foot, fully leased strip center along Orlando’s main tourist thoroughfare, International Drive.
JLL procured and represented, collectively with Orion Real Estate Group, the buyer, Orion Buying Corp, in the off-market transaction after the seller, Tourist Plaza, LLLP, approached JLL to find an off-market buyer for Tourist Plaza.
Located at 8510-8580 International Drive in the heart Orlando’s dynamic and thriving tourist corridor, Tourist Plaza benefits from more than 75 million visitors that visit Orlando annually, with more than 100 million visitors expected by 2024. With a strong annual occupancy rate of nearly 85%, there are more than 50,000 hotel rooms in a three-mile radius, and that number is continuing to grow. Additionally, more than 41,800 residents earning an average annual household income of $115,083 live within a three-mile radius of the property. Completed in 1991, Tourist Plaza is home to a mix of restaurant and retail tenants, including Tony Roma’s, Bar Louie, Bargain World Gift Shop and Cici’s Pizza.
The JLL Capital Markets team that represented the seller was led by Senior Vice President John Krzyminski and Senior Associate Max Krzyminski.
The JLL Leasing team includes Senior Associate Colette Santana and Senior Vice Presidents John Krzyminski and Billy Rodriguez.
“International Drive is one of the hottest retail markets in the U.S., and real estate near the Orange County Convention Center and ICON Park trades at a premium in the rare opportunity that real estate does become available,” John Krzyminski said. “This will be an excellent generational hold and trophy asset for Orion’s portfolio. With Universal Orlando building a new theme park and several other large area developments happening in the immediate vicinity, this market will continue to see increased demand for acquisitions and increased property values.”
The Orion Real Estate Group team that represented the buyer with JLL was led by Vice President Steven Borysewich and Vice President Duane Comprosky.
“Tourist Plaza is yet another key piece to our continuing acquisition strategy in searching for properties with exceptional underlying value,” Borysewich said. “Our search was accelerated working with John Krzyminski, as he is known for being the market expert on International Drive, having best access to on and off-market opportunities and working hard throughout the transaction. We recommend John highly to other buyers or sellers.”
Chad Maali of Dynamic Realty & Development represented Tourist Plaza, LLLP through the contract.
According to a recent JLL Retail Outlook Report, second-quarter 2019 net absorption in U.S. shopping centers (i.e., community, neighborhood and strip centers) remained positive at 1.9 million square feet, with the majority coming from neighborhood center demand. Additionally, service tenants dominated openings in strip centers, led by insurance companies and salons. Small chain restaurants were also active.
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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 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 Orion Real Estate Group
Orion Real Estate Group provides national and international commercial real estate services. With involvement in more than $3.5 billion in transactions and a portfolio exceeding $700 million, Orion Real Estate Group has the global experience, deep U.S. roots and innovation to thrive in a sophisticated, international market. Visit orionmiami.com to learn more.