Metro Orlando Retail Center Trades for $18M
- May 30, 2019
TriOut Advisory Group has purchased The Grove at Winter Park, a 112,351-square-foot retail center in Winter Park, Fla. Consolidated-Tomoka Land Co. sold the asset for $18 million, with HFF representing the seller in the transaction.
Situated at 4270 Aloma Ave. on a 12.8-acre site, the shopping mall is along Winter Park’s retail corridor, where the traffic count is roughly 35,000 vehicles per day. More than 97,000 people with an average household income of nearly $80,000 live within a 3-mile radius of the center.
Completed in 1985, The Grove at Winter Park underwent significant renovations in 2018. The modernization works featured façade renovation, parking lot improvements, signage and landscaping. Aside from anchor 24 Hour Fitness, the tenant roster includes Pet Supplies Plus, My Salon Suites, Twisted Root Burger Co., Quickly Boba and Babyland Day Care.
The HFF advisory team assisting the seller included Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt, Director Michael Brewster and Associate Ryan Stoffer.
Several Orlando-area retail centers changed hands in the last few months. The 186,000-square-foot International Drive Value Center traded for $26.2 million in November, the 411,500-square-foot Millenia Plaza sold for $56.4 million in February and two Winter Park malls totaling 76,000 square feet commanded $63.5 million in March.