News release

Orlando power center trades for $12.5M

JLL Capital Markets arranged the sale of Tri-Cities Shopping Plaza in the Golden Triangle community of Mount Dora

June 21, 2022

Kimberly Steele

Industries, Work Dynamics and PDS PR
+1 713 852 3420

ORLANDO, June 21, 2022 – JLL Capital Markets announced today that it has closed the $12.5 million sale of Tri-Cities Shopping Plaza, a 76,172-square-foot, investment-grade power center anchored by a category-leading lineup of national tenants in the thriving Orlando-area community of Mount Dora, Florida.

JLL marketed the property on behalf of the seller, SunCap Opportunity Fund, LLC. Ross Realty Investments, Inc. acquired the asset.

Tri-Cities Shopping Plaza is 96.2 percent leased. It is anchored by a best-in-class roster led by Ross Dress for Less, T.J.Maxx and Dollar Tree and home to Papa John’s, China 8 Restaurant, Uptown Nails, VIPcare, Painting with a Twist, LaRue Key Salon and Lake Regional Urgent Care. The center is shadow anchored by Hobby Lobby and further complemented by a non-owned Pet Super Market and 7-Eleven.

Spanning 12.4 acres at the signalized intersection at U.S. Highway 441 and Eudora Road, Tri-Cities Shopping Plaza is in a highly visible location seen by approximately 49,000 vehicles per day. It is within a main retail hub in Mount Dora, which, together with Eustis and Tavares, is part of the Golden Triangle and is approximately 25 miles from downtown Orlando. The center is surrounded by a booming retiree population comprising 42.4 percent, nearly 50 percent greater than the Orlando MSA average. Nearly 50,000 residents earning an average annual household income of $52,276 live within a 10-minute drive of the property.

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.

“Investor demand for Tri-Cities Shopping Plaza was driven by its best-in-class anchors T.J.Maxx, Ross Dress for Less and Dollar Tree combined with the emergence of tremendous residential growth in surrounding Lake County,” Leonhardt said. “The amount of residential growth we are experiencing in Central Florida is unprecedented and with the nearly complete absence of new retail construction, well-located retail centers will continue to thrive.”

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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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About SunCap Opportunity Fund, LLC

SunCap is based in South Florida and over the last ten years has acquired 20 industrial and retail properties valued at over $220 million throughout the Southeast U.S. and Colorado. SunCap recently launched a small-bay industrial fund and is actively seeking additional acquisitions. For more information see SunCapFund.com.

About Ross Realty Investments, Inc.

Founded in 1978 by Barry Ross, Ross Realty Investments, Inc. has grown to be a well-recognized and respected player in the South Florida commercial real estate market. This privately held company specializes in the development, management and leasing of well-located retail centers in attractive growth areas.