InvenTrust Buys 2 Orlando-Area Retail Centers for $64M
- Mar 26, 2019
InvenTrust Properties has added two assets to its metropolitan Orlando footprint with the acquisition of Lakeside Winter Park and Lakeside Crossing, two retail centers totaling 76,000 square feet in Winter Park, Fla. The company paid $63.5 million for the properties.
Lakeside Winter Park and Lakeside Crossing, located across from each other along Orlando Avenue, sit in an affluent area just 5 miles from Orlando. The Central Florida city is high on InvenTrust’s acquisitions list. “Orlando is a target market for InvenTrust due to the positive and growing demographics including population and household income growth,” Dan Lombardo, director of investor relations with InvenTrust Properties, told Commercial Property Executive.
Unicorp National Development completed Lakeside and Lakeside Crossing in 2014 and 2016, respectively. Both national and regional tenants are represented at the properties, including one of only two Trader Joe’s in metropolitan Orlando.
Investor enthusiasm for retail assets in Orlando continues unabated. “In 2014 over $750 million in capital flowed into the Orlando retail market. Since that time the market’s fundamentals have improved significantly and investors are doing their best to find investment opportunities in the market,” according to a 2019 forecast by CBRE.
Retail property trades in the Orlando area over the last several months include AEW Capital Management’s purchase of Center of Winter Park, an approximately 245,000-square-foot property in Winter Park, from Sterling Org. in a $72.8 million deal. Earlier this year, North American Development Group bought the 411,500-square-foot Millenia Plaza in Orlando from SITE Centers for $56.4 million. And Saglo Development made its entrée into the Orlando market with the $23.6 million purchase of Goldenrod Marketplace, a retail asset featuring 124,600 square feet of space.
Image courtesy of InvenTrust Properties