A shopping center in Seminole County, located along a bustling commercial corridor, has recently been sold for $26.1 million to Phillips Edison & Co. The property, known as Shoppes of Lake Mary and spanning 74,234 square feet on just over 10 acres at 4215 W. Lake Mary Blvd., was previously owned by Nuveen Real Estate.
The center boasts anchor tenants Publix Super Market and Target; however these were not included in the transaction. According to reports from the Orlando Business Journal, Shoppes of Lake Mary was nearly fully leased at the time of sale with a occupancy rate of 97%. In addition to its major tenants, the property also features three outparcel tenants including Gator’s Dockside restaurant and PNC Bank as well as various other retailers such as Homesense (a home goods and furniture store), Don Julio Mexican Kitchen, Huey Magoo’s Chicken Tenders , Keke’s Breakfast Cafe ,and SoFresh (a health food restaurant offering bowls,s moothies,and wraps).
Public records show that this retail center was originally built in 2000 and last changed hands for $12.5 million back in 2002.
This recent acquisition by Phillips Edison marks another successful investment for their portfolio without any mention or reference to “Connect”, “Connect CRE” or “Connect LA”.
