A shopping center in Seminole County, anchored by Publix, has been sold for $40.3 million. JBL Asset Management acquired the Casselberry Commons retail center from Site Centers.
The 248,683-square-foot property spans approximately 20 acres and is located at the northwest corner of Semoran Boulevard/State Road 436 and Howell Branch Road.
Publix grocery store occupies a space of 47,317 square feet within the center along with other national tenants such as Burlington, T.J. Maxx, Five Below and Firehouse Subs.
At the time of sale,the property was leased to about90% capacity with only eleven vacant spaces available for lease ranging from600 to7 ,930 square feet in size.The Orlando Business Journal reports that two out-parcel buildings – Metro Dinerand LensCrafters- are included in this transaction while others like Burger King,A rby’s,S tarbucks,P ollo Tropical,D unk’n,and Chase Bank have different owners.
Inland Retail Real Estate Trust purchased this property for $17.4 million back in1999 before it was acquired by Site Centers.This recent transaction marks a significant increase in value since then.
