Central Florida Retail Center Commands $40M

Columbus Pacific purchased the roughly 400,000-square-foot regional retail center in Ocala. JLL assisted the seller in the disposition.
Market Street at Heath Brook
Market Street at Heath Brook. Image via Google Street View

Columbus Pacific has paid $39.8 million for Market Street at Heath Brook, a 393,387-square-foot regional retail center in Ocala, Fla. The sale also includes more than 60,000 square feet of available space and excess land for future development. JLL brokered the deal on behalf of the seller.

Market Street at Heath Brook spread across 55 acres at 4414 S.W. College Road, close to Interstate 75, approximately 80 miles northwest from downtown Orlando. The property is 5 miles southwest from Ocala city center and the only major retail hub within a 30-mile radius, in an area with approximately 258,000 residents.

Constructed in 2008, the seven-building retail center also features more than 70,000 square feet of office space. The center has Dick’s Sporting Goods, Marshalls (opening this month), HomeGoods, Barnes & Noble, DSW, Old Navy and Ulta Beauty as anchor tenants and Dillard’s as shadow anchor. The tenant roster also includes Panera Bread, Orangetheory Fitness and Ocala Eye. Furthermore, Market Street at Heath Brook is set to include a 12-screen Epic Theaters entertainment component, currently under construction and slated to open in December.

Senior Managing Director & Co-Head of HFF’s Retail Practice Daniel Finkle, Managing Director Luis Castillo, Director Eric Williams, Senior Director Whitaker Leonhardt and Analyst Megan Fitzpatrick were part of the JLL Retail Capital Markets team that represented the seller in the deal. In May, Finkle was also part of the HFF team assisting the seller in the disposition of  a 171,352-square-foot retail center in Palm Coast, Fla.