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.
JLL marketed the property on behalf of the seller, North American Development Group. Orion Real Estate Group and Limestone Asset Management acquired the asset.
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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