Newport Beach, Calif. (September 3, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $22.7 million portfolio sale of seven single-tenant net leased properties totaling 104,188 square feet (sf) that are outparcels to The Mall of Millenia, a 1.11 million-sf regional shopping mall located at 4200 Conroy Road, in Orlando, FL. The properties include six retail properties and one office building.
SRS National Net Lease Group’s Managing Principals Patrick Luther and Matthew Mousavi, and Executive Vice President Patrick Nutt, along with Gradon Willard of BluRock Commercial Real Estate, represented the Orlando-based seller, who was the original developer of the property. The buyer was Limestone Asset Management, an affiliate of Orion Real Estate Group.
“We delivered reliable transaction execution to the seller with limited value impact or discount, in spite of a multitude of issues caused by the COVID-19 pandemic,” said Luther. “The weighted average lease term for all the assets was approximately five years, and none of the tenants reported store sales which posed significant execution risk during the due diligence process. Ultimately, the transaction successfully closed escrow within 45 days, with no re-trade or price adjustment.”
The Mall at Millenia is anchored by Macy’s, Neiman Marcus, and Bloomingdale’s and is Orlando’s premier luxury shopping destination featuring over 150 retail, dining, and entertainment options. Furthermore, the mall is positioned nearby to Costco Wholesale and Target, two anchors that significantly increase consumer draw to the immediate area and promote crossover exposure for the restaurants. The property is also less than 2.5 miles from Universal Studios Florida, an 840-acre theme park and production studio.
The portfolio was built over a time period ranging from 2003 to 2007 and is situated on a total of 12 acres. The single-tenant retail properties are occupied by BJ’s Brewhouse, DSW, Ethan Allen, Old Navy, Olive Garden and West Elm. The office property is occupied by Ingenus Pharmaceuticals.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 192 transactions valued at $812 million. Additionally, the group has nearly $450 million of assets under LOI or in escrow and $2 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 states nationwide.
About Orion Real Estate Group
Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4billion in transactions and holds a portfolio exceeding $800million.
About Limestone Asset Management
Miami-based Limestone Asset Management was founded in 2010 and invests in and acquires real estate properties over all asset classes throughout North America. Its holdings exceed $200 million.
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.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.