Millenia Plaza Mall Changes Hands – Again – for $74.1M – GrowthSpotter

The Millenia Plaza mall in Orlando’s tourist district has been too hot to hold lately, changing hands four times in the past decade.

It sold again this week for $74.1 million – marking the largest mall trade in the MSA Orlando-Kissimmee-Sanford so far in 2022, according to the national brokerage firm JLL Capital Marketswho has been involved in all transactions involving the asset since 2011.

“Every time I sell it, I think that’s it – But then I get a phone call,” said Brad Peterson, senior general manager of the company’s Orlando office. GrowthSpotter. “This is truly one of the best properties in Orlando, and I could say it’s one of the best in the Southeast.”

And it just heats up.

North American Development Group paid $56.4 million for the 411,503 square foot mall in 2019. They sold it in July in Miami Orion real estate group for an additional $17 million, representing a nearly 24% increase in selling price to $180 per square foot.

“This stretch of the Millenia shopping area continues to get so much stronger,” Peterson said. “He continues to dominate.”

Millenia Plaza – a fully leased outdoor mall that includes big box stores such as Home Depot, BJ’s Warehouse, Ashley Furniture Homestore and Dick’s Sporting Goods – has a lot to offer in terms of location.

Close to Universal and Disney theme parks, it is the largest outdoor mall in the Mall at Millenia shopping area and enjoys a highly visible positioning along Interstate 4, which has 185,000 vehicles per day.

It’s also near the 1.2 million square foot Millenia Mall, which features Bloomingdales, Neiman-Marcus, and a number of high-end fashion retailers. With estimated sales of $1,400 per square foot, Mall at Millenia ranks among the top 10 most productive retail assets in the United States, according to Green Street.

Outside of downtown Orlando, land along Interstate 4 in the ‘tourist’ corridor is the most coveted and valuable land in Central Florida,” Peterson said in a statement. hurry. “Larger tracts of land nearby have frequently traded around $2 million per acre, making this nearly 38-acre trading center extremely prime.”

He added, “Investors are really connected to Orlando because it’s one of the healthiest and fastest growing MSAs in the United States.”

The buyer, Orion Real Estate Group. provides commercial real estate services to investor clients worldwide. Since its founding in 1978, the firm has been involved in over $4 billion in transactions and holds a portfolio of over $800 million.

The vendor, NADG, owns a number of commercial properties in Florida, including the West Loop mall along Osceola Parkway and University Plaza in Winter Park. The development, acquisition and management company is also behind the Shoppes at Nona Place plaza, at the intersection of Narcoossee Road and Tyson Road.

The sale of Millenia Plaza represents the eighth retail property that JLL Capital has completed since the start of the year in Central Florida. Earlier this year, Sanford’s Gateway Plaza Mall – which includes 214,789 square feet of retail space and tenants including Floor & Décor, Ashley Furniture, Bed, Bath and Beyond and Michael’s across from the Seminole Towne Center Mall – sold for $23.6 million, or $108 per square foot.

More than two years into the pandemic, “the retail market is as strong as it’s ever been,” Peterson said.

Do you have any advice on developing Central Florida? Contact me at (407)-800-1161 or [email protected]or send me a tweet at @DustinWyattGS. Follow GrowthSpotter on Facebook, Twitter and LinkedIn

Edwin S. Wolfe