CTO Realty Pays $69M for Orlando-Area Power Center
CTO Realty Growth has put the lid on its $68.7 million purchase of the Marketplace at Seminole Towne Center, a 318,000-square-foot retail power center in Sanford, Fla., a submarket of Orlando, Fla.
The buyer bought the property as part of a 1031 like-kind exchange with CBRE Investment Management, which CommercialEdge lists as its previous owner. Some of the funding for the purchase came from CTO’s recent release of $24.1 million in previously restricted cash garnered from property sales, as well as an unsecured revolving credit facility.
According to CTO, part of the acquisition was completed through a reverse like-kind exchange, in anticipation of future dispositions. The purchase of Seminole Towne Center makes Orlando CTO’s fourth-largest area of ownership; the firm, partially headquartered in Winter Park, now has the keys to four retail properties across North and Central Florida.
Powering the power center
Marketplace at Seminole Towne Center was built in 2005 on 41 acres. CommercialEdge information shows that a Colliers team oversees leasing at the property, led by Executive Vice President Jorge Rodriguez, Senior Vice President Alexie Fonseca and Vice President Christopher Alders.
Marketplace at Seminole Towne Center is located near a Target store, which serves as a “shadow anchor.” The complex is itself anchored by a collection of off-price clothing retailers including Marshalls, Burlington and Ross Dress for Less, alongside Old Navy, Petco, Ulta Beauty and Five Below. The mall also includes a Massage Envy location, as well as a nail salon and allergy clinic. Dining options include Evoo, Chipotle, Panera Bread and Firehouse Subs.
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Located at 1771 WP Ball Blvd., Marketplace at Seminole Towne Center sits within a major retail corridor, about 18 miles north of Orlando’s central business district. A a population of more than 60,000 residents is within a 3-mile radius of the property. The Seminole Towne Center, a 1.1 million-square-foot enclosed mall, lies roughly half a mile to the northwest.
Retail growth in Orlando
Retail remains a sound prospect across The City Beautiful, with more than 1.8 million square feet of space coming online through 2023, according to an analysis from Marcus & Millichap. This is the largest series of additions in six years, according to the report.
Last month, Forge Equity Partners V, a private equity fund sponsored by Forge Capital Partners at The Sembler Co. purchased Palm Plaza, a 133,491-square-foot shopping center anchored by Publix.
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