Jones Lang LaSalle Incorporated : Orlando-area retail center sells for $23.5M

Orlando, Oct. 18, 2022 - JLL Capital Markets announced today that it has closed the $23.5 million sale of Wekiva Square, a 175,175-square-foot retail center located at 945 Semoran Boulevard (SR-436) in Altamonte Springs, Florida.

JLL represented the seller, Coro Realty Advisors, and V3 Capital Group acquired the asset.

Built in 1981 and renovated in 2005/2006 and 2022, the 99.1-percent-leased property is located at one of the most dominant signalized intersections in Orlando with 24-lanes and a combined traffic count of 115,000 VPD.

Overall, 72% of gross leasable area and nearly 59% of revenue at the property is derived from best-in-class, national anchors, including Kohl's, HomeGoods and Dollar Tree. Kohl's has a separately parceled ground lease and ranks in the top 10% of most visited Kohl's locations in Florida (#5 out of 50 locations, Placer Ai). The HomeGoods and Dollar Tree are also top performers and have both been tenants at the property for more than ten years. Fancy Fruit, a successful regional grocer, and San Jose Mexican Restaurant, a local favorite multi-unit operator, also are a part of the center.

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

"While the market has been a bit bumpy over the past six months with changes to the economy and interest rates, we are now seeing more capital shift from other asset classes into retail investments," said Peterson. "We had a very competitive field with twelve offers from today's leading private investors, which demonstrates how highly sought-after the retail sector is today."

John Lundeen, partner at Coro Realty, added "We were very pleased with JLL's execution, congratulate V3 on its acquisition and look forward to redeploying the sale proceeds to continue diversifying our portfolio."

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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