Tuesday, May 28, 2019

HFF closes $18 million sale of gym-anchored retail center in the Orlando, FL MSA

The Grove at Winter Park, a 112,351-square-foot retail center at 4270 Aloma Avenue anchored by a 24 Hour Fitness in the affluent Winter Park suburb of Orlando, FL


ORLANDO, FL,  May 28, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $18.075 million sale of The Grove at Winter Park at 4270 Aloma Avenue a 112,351-square-foot retail center anchored by a 24 Hour Fitness in the affluent Winter Park suburb of Orlando, Florida.

Brad Peterson
HFF marketed the property on behalf of the seller, Consolidated-Tomoka Land Co.  TriOut Advisory Group purchased the center.

In addition to 24 Hour Fitness, The Grove at Winter Park is home to Pet Supplies Plus, My Salon Suites, Twisted Root Burger Co., Quickly Boba and Babyland Day Care. 

 The center was completed in 1985 and underwent significant renovations to upgrade and modernize it in 2018 with distinctive design elements, including an extensive and high-end façade renovation, parking lot improvements, signage and landscaping. 

Whitaker Leonhardt
 Situated on 12.8 acres 4270 Aloma Avenue, the center is along Winter Park’s highly traveled retail corridor and visible to approximately 35,000 vehicles per day.  More than 97,600 residents earning an average annual household income of nearly $80,000 live within a three-mile radius of the center.

The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt, director Michael Brewster and associate Ryan Stoffer.

“The Grove at Winter at Winter Park represents a tremendous turnaround story over the course of the seller’s ownership,” Peterson said. 

“The addition of 24 Hour Fitness spurred a total renovation of the center, and given the leasing trajectory, The Grove at Winter Park is now well positioned to continue its successful run as a valuable community shopping center in the heart of a thriving Winter Park submarket.”

Michael Brewster
HFF recently announced the closing of five other Orlando-area retail centers, Millenia PlazaVillage Shoppes at AltamonteMarketplace at Seminole Towne CenterThe Fountains at Bay Hill and International Drive Value Center, along with the sale and financing of The Shoppes of Lake Mary last spring.

About Consolidated Tomoka Land Co.

Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income investments in diversified markets in the United States including approximately 2.4 million square feet of income properties, as well as approximately 5,400 acres of land in the Daytona Beach area. 

Visit https://www.ctlc.com to learn more.

Ryan Stoffer
About TriOut Advisory Group

TriOut Advisory is a multi-faceted real estate company.  TA has offices in Nashville and Miami, and, together with its partners and affiliates, they own and manage 10 properties with more than 500,000 square feet of both office and retail.

TA’s purchasing criteria being in the southeast part of the U.S. and acquiring $25 million to $30 million per quarter has allowed the company to build a strong footprint in this geographical area. 


For more information, please visit www.TriOutAdvisory.com.


CONTACTS:

BRAD PETERSON
FL Lic. #BK3162030
HFF Senior Managing Director
(407) 745-3900

WHITAKER LEONHARDT
FL Lic. #SL3221137
HFF Senior Director
(407) 745-3900

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420

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