Holliday Fenoglio Fowler, L.P. (HFF) announces the $72.75 million of Center of Winter Park, a 244,977-square-foot community center located in the Orlando-area community of Winter Park, Florida.
The HFF team marketed the property on behalf of the seller, Sterling Organization. AEW Capital Management, L.P., on behalf of one of its separate account clients, purchased the asset free and clear of existing debt.
Center of Winter Park is at 501 North Orlando Avenue and positioned at the most dominant retail intersection catering to Winter Park, which, with average incomes exceeding $127,000 annually, is the most affluent community in north Orlando. Additionally, the area is a grocery hub with three popular brands within 500 yards of the property. With a mix of national and regional tenants, the 97-percent-leased Center of Winter Park is home to Ross Dress for Less, HomeGoods, Marshalls, Petco, DSW, LA Fitness, Five Below, Olive Garden, Great Clips, The UPS Store, George’s Gourmet Cookies, Office Depot, Michaels and Zoës Kitchen. Additionally, there is a parcel acquisition and redevelopment opportunity.
The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and associate Michael Brewster.
“This is one of the most special assignments of my career,” Peterson said. “The Center of Winter Park is located near my house, so I shop it weekly, drive past it daily for work and have had the privilege of witnessing one of the most successful shopping center developments in the U.S. over the past five years, right here in my own backyard. The Sterling Organization really hit this one out of the park!”
“I cannot be more pleased to also see AEW Capital Management as the new owner,” Peterson continued. “Over the past two decades, I have seen dozens of high-profile shopping centers around the U.S. that AEW has meticulously cared for, merchandised and taken to the next level. As a resident and frequent shopper of the center, I am really excited to see them sprinkle some more of their ‘magic,’ which will truly improve the quality of life for all the residents of our Winter Park community.”
“The Center of Winter Park is one of the highest quality centers brought to market in the Southeast in 2018,” Leonhardt added. “It is located at the most dominant retail intersection north of downtown Orlando, nestled between high-volume Whole Foods, Publix and Trader Joe’s stores, has successful category leading anchor tenants and still has a tremendous amount of upside and NOI growth potential. It truly checks all the boxes investors are seeking today.”
About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms. The company’s national platform is focused on investing in value-add retail real estate assets and stabilized/core grocery-anchored shopping centers in major markets across the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in Palm Beach, Florida. For more information, visit http://www. sterlingorganization.com.
About AEW Capital Management, L.P.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage $70.3 billion of property and securities in North America, Europe and Asia (as of December 31, 2017). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Düsseldorf, Hong Kong, Singapore and Sydney, as well as additional offices in eight European cities. For more information, please visit www.aew.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
