Franklin Street Closes $23M Sale of Central Florida Retail Asset
- Jul 04, 2017
Franklin Street arranged the $23.4 million sale of Ovation Town Center, a Publix-anchored shopping center in the Davenport submarket of Orlando, Fla. Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented seller Armstrong Development. Publix Super Markets purchased the 96,750-square-foot property.
Situated at 7800 Lake Wilson Road, Ovation Town Center is 10 minutes away from Disney World and just south of Orlando. Armstrong Development identified the center’s strategic location back in 2008. Since then, grocery center sales have continued to climb. The shopping center includes national tenants such as Publix, McDonald’s, Wells Fargo, Tropical Smoothie, Anytime Fitness and an array of service tenants.
“Ovation Town Center was built to attract shoppers to the east of Interstate 4 and the thousands of annual visitors to the nearby Reunion Resort, a 2,300-acre gated community. We saw substantial investor interest in this property and received a variety of buyer profiles that submitted bids from institutional, REIT and private investors across the country,” said Belk, in prepared remarks.
The property has maintained a 93 percent occupancy rate as the submarket continued to expand to accommodate the growth around the Reunion Resort and the immediate area.
Image courtesy of Franklin Street