Fitness-anchored retail center in booming Orlando submarket sells for $9.4M

ORLANDO, April 13, 2022 – JLL Capital Markets announced today that it has closed the $9.4 million sale of Glenbrook Commons, a 64,707-square-foot, fitness-anchored shopping center in the growing Orlando-area community of Clermont, Florida.

JLL marketed the property on behalf of the seller, Continental Realty Corporation. CrossMarc Services, based in Winter Park, Florida, acquired the asset.

Originally constructed in 2009, Glenbrook Commons is anchored by Fitness CF, a strong-performing regional gym operator serving Central Florida. The 98.4-percent-leased center is also home to a mix of service, healthcare and medical tenants, including US Taekwondo, China Gourmet, Gametime Barber Shop, The Cat Garden, Clermont Family Dentistry and Suncoast Premier Medical. Further, there are three additional undeveloped pads included in the transaction that can be developed for future retail uses. Non-owned CVS Pharmacy and AutoZone outparcels help drive traffic to the property.

Glenbrook Commons is positioned on a 15.6-acre site at 1714 US Highway 27 in Clermont, a booming Orlando suburb sought after by residents supporting the tourism, leisure and hospitality industries due to its proximity to the world-renowned Orlando Tourism corridor. With more than 2,600 residential units planned or under construction, the area surrounding the property includes a population of 41,662 within a five-mile radius that is expected to balloon by nearly 14 percent by 2026. Additionally, the nearest larger format gym is a Fitness CF location 12.6 miles north of the property, extending the drawing radius of the center.

“This asset fit perfectly into our acquisition strategy in Central Florida,” said Christie Alexander, SVP, CrossMarc Services. “We are grateful for the opportunity to work with JLL and Continental.”

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Associate Tommy Isola.

“Glenbrook Commons commanded interest from a wide audience of private investors, and JLL reviewed more than 10 offers with the seller,” Leonhardt added. “Fitness-anchored centers have made a remarkable comeback following the pandemic, and best-in-class, well-operated fitness clubs are seeing membership levels that exceed their pre-pandemic numbers. Glenbrook Commons is perfectly situated to capture growth from the booming residential market in Clermont, making this an exceptional transaction for both seller and buyer.”

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Headquartered in Baltimore and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of more than five million square feet of commercial space and over 9,000 apartment homes across 10 states, with a portfolio value exceeding $3 billion.

Based in Winter Park, Florida, CrossMarc Services is a full service commercial real estate company focused on retail, office and industrial properties in the Central Florida area. In addition to real estate, CrossMarc is known nationally for their commitment to diversity and inclusion and the resources they provide to the next generation of real estate professionals.