Clarion Plans Publix Store for the Newly Acquired Water Tower Shoppes
- Feb 08, 2012
Leading real estate investment manager Clarion Partners recently announced the acquisition of the Water Tower Shoppes for $18.3 million. The 120,000-square-foot neighborhood shopping center is located in Celebration—an award-winning planned community located in central Florida, approximately 20 miles southwest of downtown Orlando and within easy driving distance of Walt Disney World and other major local attractions. Celebration has a median household income approximately 42 percent above that of the greater metropolitan area, given its moderate living costs and its proximity to one of the country’s major vacation destinations.
With its “village” configuration, the Water Tower Shoppes is located at the entrance to the town, at the intersection of Celebration Avenue and US 192. The shopping center’s list of tenants includes SunTrust, Exxon, and Chick-fil-A.
According to company officials, the acquisition was made on behalf of a commingled fund advised by Clarion. Future plans for the site include the redevelopment of the center and the introduction of Publix, a dominant grocery chain, to anchor the center—plans for which Clarion has already started working with development manager and leasing agent Crossman & Company.
“Celebration is a unique place in a great location with very attractive demographics,” said Marc DeLuca, director at Clarion. “We are pleased to have the opportunity to acquire the Water Tower Shoppes center and look forward to further enhancing the shopping experience there for residents of the town.” The new owners have expressed their confidence in the increasing demand for retail space in 2012, also trusting that vacancy rates are most likely to be reduced within the next several years due to limited new construction.
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