AEW Capital Management, on behalf of one of its separate account clients, has purchased the Center of Winter Park, a 244,977-square-foot community center located in the Orlando-area community of Winter Park, Fla.
The sales price was $72.75 million.
The seller was Sterling Organization.
Center of Winter Park is at 501 North Orlando Avenue and positioned at the most dominant retail intersection catering to Winter Park, which, with average incomes exceeding $127,000 annually, is the most affluent community in north Orlando. Additionally, the area is a grocery hub with three popular brands within 500 yards of the property. With a mix of national and regional tenants, the 97 percent–leased Center of Winter Park is home to Ross Dress for Less, HomeGoods, Marshalls, Petco, DSW, LA Fitness, Five Below, Olive Garden, Great Clips, The UPS Store, George’s Gourmet Cookies, Office Depot, Michaels and Zoës Kitchen. Additionally, there is a parcel acquisition and redevelopment opportunity.
“The Center of Winter Park is one of the highest quality centers brought to market in the Southeast in 2018,” said Whitaker Leonhardt, senior director at Holliday Fenoglio Fowler, which represented the seller. “It is located at the most dominant retail intersection north of downtown Orlando, nestled between high-volume Whole Foods, Publix and Trader Joe’s stores, has successful category leading anchor tenants, and still has a tremendous amount of upside and NOI growth potential. It truly checks all the boxes investors are seeking today.”
