Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of the Marketplace at Seminole Towne Center, a 484,520-square-foot, open-air power center in the northern Orlando-area community of Sanford, Florida.
The HFF team marketed the property on behalf of the seller, Weingarten Realty Investors. A partnership between Fairbourne Properties and CBRE Global Investors purchased the center.
Marketplace at Seminole Towne Center is the largest and most dominant open-air center that serves the Sanford/Lake Mary submarket, an affluent area with more than 55,800 residents earning an average annual household income of nearly $90,000. Situated on 45.9 acres just off Interstate 4, the center is at 1771 WP Ball Boulevard and has frontage on three heavily trafficked streets, WP Ball Boulevard (SR-417), Rinehart Road and Towne Center Boulevard, which exposes the center to approximately 76,100 vehicles per day. The center is also proximate to 7.5 million square feet of Class A office space. Completed in 2005, the 99.1 percent-leased Marketplace at Seminole Towne Center, is home to a variety of national tenants, including Big Lots, Marshalls, Stein Mart, Ross Dress for Less, Old Navy, Ulta Beauty, Five Below, Petco, Party City, Cost Plus World Market, Smokey Bones, America’s Best, PNC Bank, Chipotle, Massage Envy, Panera Bread and AT&T. Additionally, the center includes a non-owned Super Target and Mattress Firm.
The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and associate Michael Brewster.
“It is truly exciting to see the level of activity in the Lake Mary-Sanford area,” Peterson said. “The office and residential markets are booming, and the completion and interconnectivity of SR/417, SR/429 and Interstate 4 will have a monumental impact on the area. It is no surprise that we received more than a dozen offers on the property.”
HFF recently announced the closing of two other Orlando-area retail centers, The Fountains at Bay Hill and International Drive Value Center.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2018, the company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 185 properties, which are located in 17 states spanning the country from coast to coast. These properties represent approximately 37.4 million square feet of which our interests in these properties aggregated approximately 24.1million square feet of leasable area. To learn more about the company’s operations and growth strategies, please visit www.weingarten.com.
About Fairbourne Properties
Fairbourne Properties is a full-service real estate investment and property management company focusing on retail and office real estate investments throughout the United States. Fairbourne invests in the full investment spectrum from core and core plus to value-add and opportunistic assets. Fairbourne invests both for of its own account and in joint venture with institutional partners.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm that sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.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.
