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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