Tuesday, May 2, 2017

HFF closes $10.015 million sale of and secures $7.37 million in financing for grocery-anchored retail center near Orlando, FL

Main Street Square, Fern Park, FL

Luis Castillo
ATLANTA, GA  –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $10.015 million sale of and secured $7.375 million in acquisition financing for Main Street Square, a 108,509-square-foot neighborhood retail center anchored by Winn-Dixie in the northern Orlando community of Fern Park, Florida.

HFF marketed the property on behalf of the seller, The Nightingale Group, LLC.  Gramercy Property Group, LLC purchased the asset free and clear of existing debt.  Additionally, HFF, working on behalf of the new owner, placed the 10-year, fixed-rate loan with JPMorgan.

Main Street Square is 99 percent leased to a variety of tenants, including Winn-Dixie, Goodwill of Central Florida and Humana.  

Completed in 1988, the center was most recently renovated in 2013 when the Winn-Dixie store interior was completely renovated as well as the shopping center’s façade to enhance the curb appeal.

 Main Street Square is situated on 8.93 acres at 7800 U.S. 17-92 at a signalized intersection in Fern Park, a rapidly growing trade area between Maitland and Altamonte with more than 1,000 apartment units under construction within a two-mile radius of the shopping center. 

Traffic counts exceed 42,000 vehicles per day in front of the property, which is located in a dominant regional retail and office destination that includes the 1.2 million-square-foot Altamonte Mall and 6.4 million square feet of office space.

Whitaker Leonhardt
The HFF investment sales team representing the seller was led by managing director Luis Castillo, associate director Whitaker Leonhardt and senior managing director Richard Reid.

The HFF debt placement team was led by senior managing director Michael Weinberg and associate director Matthew Sand.

“Lender appetite for well-located, grocery-anchored retail remains strong as we saw on this transaction,” Sand said.  “We were pleased with JP Morgan’s ability to execute within a tight timeframe on the acquisition.”

For a complete copy of the company’s news release, please contact:

Kristen Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com

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