HFF named to market for sale Millenia Plaza in Orlando, FL

MIAMI, FL – HFF announced today that it has been named to market for sale Millenia Plaza, a 411,534-square-foot, core regional power center in Orlando, Florida.

HFF will market the property on behalf of the seller, an undisclosed regional private investor.  There is no asking price, but pricing is expected to exceed $50 million, and the property is being offered free and clear of existing debt.

Millenia Plaza is situated on more than 38 acres at 4403-4697 Millenia Plaza Way, just north of the Mall at Millenia, one of the top 10 malls in the United States according to U.S. News.

Millenia Plaza is positioned along Interstate 4 in Orlando, which has a traffic count of more than 161,000 cars per day and is situated north of Disney World, Universal Studios and Sea World.

 

The property offers “unparalleled” rent roll stability whereby 80 percent of the property is leased to three significantly below-market ground leases on separate tax parcels, and the balance of the property is currently being redeveloped to include Ross Dress for Less,

Total Wine and More, and Shoe Carnival on new long-term leases.  More than half of the rental revenue comes from investment grade credit tenants, and over the next 10 years, only 3.5 percent of the property’s tenants have lease expirations.

The HFF team representing the seller is led by managing director Brad Peterson (top right photo) and senior real estate analyst Michael Weinberg (bottom left photo).

  Contacts:

Brad Peterson, HFF Managing Director, (405) 286-5224, bp                         eterson@hfflp.com 

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com