Grocery-anchored retail center in high-growth Orlando market sells for $8.7M

ORLANDO, April 4, 2022 – JLL Capital Markets announced today that it has closed the $8.7 million sale of Lake Mary Pointe, a 51,052-square-foot shopping center anchored by a tenured Publix in the Orlando suburb of Lake Mary, Florida.

JLL marketed the property on behalf of the seller, HS Capital Funds, Inc. Tricon Development of Brevard Incorporated acquired the asset.

Originally in 1999, Lake Mary Pointe underwent extensive renovations in 2021 to update and modernize the property, including roof replacement, painting, parking lot improvements, and landscaping upgrades.  The high-performing Publix store was also extensively remodeled.  In addition to Publix Supermarkets, the 97.9-percent-leased center is also home to a mix of medical, service-oriented and restaurant tenants, including Healthy Pets and Urgent Care, Flawless Hair Salon, China Star, Mariner Finance, Jailisco, Divine Nails and Accepted Insurance.

Lake Mary Pointe is at 601 Weldon Blvd. on a site spanning 8 acres in Lake Mary, an affluent community 15 miles north of downtown Orlando with average household incomes that are 54 percent higher than the Orlando metro average. The center is in a highly visible location along Weldon Boulevard and Highway 17, which is travelled by 36,000 vehicles per day. Along with the entire Orlando MSA, the immediate area is expecting massive growth, with a population that has increase nearly 24.5 percent since 2010 and more expected before 2026. Additionally, a gated community with more than 140 townhomes is behind the center, and Seminole State College’s Lake Mary Campus and its 13,000 students are blocks away.

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.

“Publix-anchored shopping centers continue to command the highest interest from retail investors, further amplified by properties that have recently undergone extensive capital improvements, including the remodel of its grocery anchor,” Peterson said. “Lake Mary Pointe is surrounded by residential growth, Valencia College and an office park, and with these recent physical improvements, the property will continue to thrive.”

According to JLL Research’s recently released Grocery Tracker 2022 report, 2021 was a record year for grocery-anchored retail. Acquisition volume for the year was just over $13.3 billion, the largest share of any retail property type for the third year in a row and the second-highest level in recorded history.

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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Tricon Development is renowned for developing and constructing luxurious waterfront condominiums along Florida’s Space and Treasure Coasts for over four decades. During this time the company has built a solid foundation for quality construction and first-class designs. Value and performance are vital attributes for Tricon as evidenced in its superior developments and commitment to excellence. Tricon also operates a commercial division which strictly focuses on developing, acquiring and managing income property.