News release

Strip center in growing Orlando suburb trades for $9.175M

JLL Capital Markets completed the sale of the fully leased retail property in a highly visible location 

November 08, 2021

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

ORLANDO, Nov. 8, 2021 – JLL Capital Markets announced today that it has closed the $9.175 million sale of the Shoppes at Eustis Village, a fully leased, 29,367-square-foot retail strip center in the Orlando-area community of Eustis, Florida.

JLL represented the seller, Miami-based CORE Investment Properties. Tabani Group, Inc. acquired the property.

Completed in 2006, Shoppes at Eustis Village’s tenant roster features a diversified mix of nine service-oriented, medical, restaurant and traditional retail tenants such as Starbucks, Verizon Wireless, Pep Boys, Greenberg Dental, Liberty Health Sciences and Planet Smoothie. The three-building property is shadow anchored by a Publix and Bealls, which help drive traffic to the center.

Shoppes at Eustis Village is located at 15439 US Highway 441 in a highly visible location where Highway 441 intersects with David Walker Drive and exposing the property to more than 61,400 vehicles per day. Additionally, the center is located on the “going home” side of the highway and within an emerging medical hub and surrounded by retail, residential and demand drivers.

The greater Orlando area continues to be one of the fastest-growing metro areas in the U.S., outpacing other cities like Atlanta, Austin and Tampa. This influx of nearly 61,000 new residents to the MSA in 2020 is leading to booming suburban submarkets like Eustis. The population within a 15-minute drive of Shoppes at Eustis Village includes 83,403 residents, a 41 percent increase since 2000, and is projected to expand another 9.1 percent to nearly 91,000 over the next five years.

The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt, Director Michael Brewster and Associate Tommy Isola.

“Shoppes at Eustis Village is right in the heart of a high-growth Orlando submarket and will benefit from the SR 429 extension ‘ring road’ around Orlando, which has already opened up access to downtown Orlando and spurred new housing development throughout the submarket,” Leonhardt said. “The seller successfully leased the property to 100 percent occupancy with national credit tenancy and long-weighted average lease term remaining, which is exactly what retail investors are interested in today, evidenced by 10 offers received and pricing above the asking price.”

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 sales and 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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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Core Investment Properties

CORE is a private investor of primarily well located stabilized and value add retail and office properties located in primary and secondary MSA markets of Florida and the southeastern United States. CORE and its principals own and actively manage approximately 1.5 million square feet of properties throughout the region and target experience-oriented properties with existing cash flow and upside potential through active management. CORE leverages their experience for investors and provides an opportunity to invest in their Core Investment Properties Fund aiming to provide investors steady income with upside potential. Additionally, Core has investments in technology, management and other ancillary Real Estate ventures.