JLL Capital Markets closed the sale of the Kissimmee retail center
JLL Capital Markets announced today that it has closed the $26.25 million sale of Osceola Village, a 122,845-square-foot, Publix-anchored retail center in the Orlando-area community of Kissimmee, Florida.
JLL marketed the property on behalf of the seller, an affiliate of Glenborough LLC. East Coast Acquisitions purchased the property.
Completed in 2008, Osceola Village is 82.4% leased to a variety of national and local tenants, including the Publix Supermarkets anchor, DaVita, Orlando Health and Visionworks. The Publix is the premier grocery store within the Loop/Loop West/Crosslands retail market and has a drive-thru pharmacy attached to the store. Additionally, the sale includes three outparcel development sites that provide an opportunity for the owner to add value by developing the outparcels or selling them.
Osceola Village is situated on 20.3 acres at 3040 Dyer Blvd., at the intersection of Osceola Parkway and Dyer Boulevard, which exposes the property to approximately 74,000 vehicles per day. This dense, infill location includes more than 87,500 residents living within a three-mile radius and has strong future growth potential, with an estimated population increase of 8.8% within the next five years.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Associate Tommy Isola.
“The Osceola Village sale is representative of Central Florida’s economic recovery in the midst of the COVID-19 pandemic,” Peterson said. “This transaction was in the market ‘pre-COVID,’ and, when the pandemic began, the seller worked very closely with the tenants at the property to navigate through the quarantine period and subsequent reopening and recovery.”
“As a testament to the strength of the location and the tenant mix, the tenants have all held up extremely well and are ideally positioned to capture customer traffic from the delivery of more than 2,000 residential units in the immediate surrounding area within the next year,” he added. “The buyer has a tremendous opportunity to continue to add value to this necessity retail-anchored center in one of Central Florida’s most dynamic retail submarkets.”
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 sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Glenborough
Glenborough LLC is a full-service real estate investment and management company focused on the acquisition, management, leasing and redevelopment of quality real estate. The company is experienced in a variety of property types, including retail, office, industrial and multi-family residential and has operated in over 36 markets nationwide.
About East Coast Acquisitions
East Coast Acquisitions (ECA) is a full-service real estate investment firm focused on the acquisition of value add retail and mixed-use assets. The company’s core strategy is acquiring grocery anchored shopping centers in strong secondary markets. ECA specializes in identifying off-market acquisitions which include the opportunity to increase value and drive IRR through the lease up of vacant space, the creation and disposition of outparcels within the investment cycle and hands on management through ECA’s in house property management group. Typical asset hold periods are between five and 10 years with targeted IRR’s between 15% and 25%. ECA’s focused and relentless approach has proven to be successful in building a high-quality portfolio that consistently outperforms investor expectations.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
