Trophy retail center in Orlando trades for $74.1M
JLL Capital Markets arranged the sale of the fully leased Millenia Plaza
ORLANDO, July 25, 2022 – JLL Capital Markets announced today that it has closed the $74.1 million sale of Millenia Plaza, a fully leased, 411,503-square-foot, core, super-regional, open-air retail center in Orlando, Florida.
Millenia Plaza is fully occupied by a slate of best-in-class anchor tenants such as The Home Depot, BJ’s Warehouse, Ashley Furniture Homestore, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less. The center, also features David’s Bridal, Five Below, Visionworks, Pristine Nail Spa and Adjectives Inc.
Located at 4403-4467 Millenia Plaza Way, Millenia Plaza is the largest open-air retail center in the Mall at Millenia trade area and has the most highly visible positioning along Interstate 4, which has 185,000 vehicles per day. The 1.2 million-square-foot Mall at Millenia, which features Bloomingdales, Neiman-Marcus and Macy’s, is ranked as one of the top 10 most productive retail assets in the United States. With estimated sales of $1,400 per square foot, the Mall at Millenia is the preferred retail destination for the highest demographic residents in Central Florida and is a mandatory stop for many of the 75 million annual visitors that visit the nearby theme parks. The trade area also features a 309,000-square-foot IKEA Superstore, which further adds to sensational level of activity and dominance of this retail trade area.
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. Kevin Sanz of Orion Real Estate Group led the acquisition of the buyer, Limestone Millenia Plaza LLC.
“Outside of downtown Orlando, land located along Interstate 4 in the ‘tourist’ corridor is the most coveted and valuable land in Central Florida,” Peterson said. “Larger tracts of land nearby have frequently traded around $2.0 million per acre, which makes this nearly 38-acre shopping center extremely prime.
“Investors are really dialed-in on Orlando because it is one of the healthiest and fastest-growing MSAs in the United States,” he added. “In 2021, Central Florida was the No. 1 retail investment sales market in the U.S., and this has continued in 2022. Millenia Plaza is the largest shopping center trade in the MSA so far in 2022, and the eighth retail property our team has closed year-to-date in Central Florida.”
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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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 North American Development Group
North American Development Group (“NADG”) was founded in 1977 and is a full service, vertically integrated real estate platform with over $5 billion of assets under management. NADG has been active in the acquisition, development/redevelopment, and management of over 300 shopping centers and mixed-use projects comprising well over 35 million square feet across the United States and Canada. NADG operates within four distinct platforms: NADG Retail, NADG Residential, NADG NNN REIT and CentreCorp Management Services, NADG’s wholly owned real estate services company. NADG’s team of over 275 professionals are located in 14 offices across North America, eight in the United States and six in Canada. NADG’s head U.S. office is in West Palm Beach, Florida.
About Limestone Asset Management
Miami-based Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America. For more information, visit orionmiami.com/our-affiliates.
About Orion Real Estate Group
Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4 billion in transactions and holds a portfolio exceeding $800 million. Its headquarters are located at 200 S. Biscayne Blvd, 7th floor, Miami, FL 33131. For more information, visit orionmiami.com or call (305) 278-8400 or 1-888-255-4502.