ATLANTA (September 14, 2021) – SRS’ Investment Properties Group successfully sold Heathrow Square in Lake Mary, Florida on June 28, 2021, to Equinox Development and Harbour Retail Partners. One of the most affluent submarkets within the Orlando MSA, the Heathrow community is characterized by notable installations for Fortune 500 companies, providing an abundance of high paying jobs. Widely considered to be the best grocery-anchored site in the Lake Mary-Heathrow submarket, the property is situated only a quarter mile from Interstate 4, on the west side of the interstate. With high barriers to entry in the market and a dominant retail position at the corner of West Lake Mary Blvd. and International Pkwy.; Heathrow Square is an irreplaceable asset with abundant long-term redevelopment potential.
“Equinox Development is a premier real estate developer in Orlando, which focuses on retail and mixed-use projects,” said Kevin Yaryan, senior vice president of SRS’ Investment Properties Group. “They are the perfect owner with the pedigree to unlock the value within a generational asset like Heathrow Square.”
Heathrow Square, a Winn-Dixie-anchored community center, is situated on 11.93 acres of land and consists of 101,392 square-feet. The center is nearly 97% occupied and the tenant roster includes national retailers Winn-Dixie, CVS Pharmacy, Pure Barre, Quest Diagnostics, and Subway. The popular grocer, Winn-Dixie has occupied the location since for 29 years. The center is exceptionally positioned at 120 International Parkway, at the signalized intersection of West Lake Mary Road and International Parkway, with 42,000 vehicles per day. The property benefits from the nearby access ramp to and from Interstate 40, which is a primary commuter thoroughfare accommodating 145,500 vehicles per day. The area is home to a variety of national tenants including The Home Depot, Target, Marshalls, HomeGoods, Topgolf, PetSmart, and many more.
“We are ecstatic for our client, for whom we were able to deliver such an irreplaceable corner in Central Florida,” said Kyle Stonis, managing principal of SRS’ Investment Properties Group. “Heathrow Square is a phenomenal asset with so much value still waiting to be unlocked by a local owner with the capabilities of a group like Equinox Development.”
Kevin Yaryan, senior vice president, of SRS’ Investment Properties Group in the Orlando office, along with Kyle Stonis, managing principal, and Pierce Mayson, managing principal, of the Investment Properties Group in the SRS Atlanta office, represented the seller in the transaction. The buyer was self-represented in the transaction.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.