ORLANDO-Millenia Plaza, a 411,534-square foot core regional power center in Orlando, is up for sale. Although no asking price has been disclosed, the seller expects offers to exceed $50 million for the property that is free and clear of existing debt.
The seller, an undisclosed regional private investor, selected HFF to market the property. HFF managing director Brad Peterson and senior real estate analyst Michael Weinberg are leading the efforts.
“Millenia Plaza has the perfect combination of best-in-class traits that investors are seeking in today’s market--a dominant infill trade area which is continuing to strengthen, a rent roll with unparalleled stability and below-market rents,” Peterson tells GlobeSt.com. “Millenia Plaza is the largest and highest-quality single-asset retail center brought to market in north and central Florida in more than three years.”
Millenia Plaza sits on more than 38 acres just north of the Mall at Millenia, one of the top 10 malls in the US, according to US News. Millenia Plaza was built along Interstate 4, which boasts a traffic count of more than 161,000 cars every day. The property is north of Disney World, Universal Studios and Sea World.
HFF also notes that Millenia Plaza has rent roll stability. Eighty percent of the property is leased to three significantly below-market ground leases on separate tax parcels, and the balance of the property is currently being redeveloped to include Ross Dress for Less, Total Wine and More, and Shoe Carnival on new long-term leases. More than half of the rental revenue comes from investment grade credit tenants, and over the next 10 years, only 3.5% of the property's tenants have lease expirations.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
