Limestone Asset Management, an affiliate of Orion Real Estate Group, just paid $22.7 million for seven outparcels around the Mall at Millenia in Orlando.
In total, the Miami-based company acquired more than 100,000 square feet of commercial space mostly located across from the mall, along either side of Conroy Road.
According to six deeds recorded in Orange County, the deal included several single-user commercial buildings occupied by long-term tenants that include Olive Garden, BJ’s Brewhouse, Old Navy, West Elm, Ethan Allen, DSW and Ingenus Pharmaceuticals.
The former car club and gallery, Luxautica Ultimate Car Club, at 4190 Millenia Blvd. was also part of the deal. The gallery site, turned office/retail building, was once the location of the Millenia Art Gallery. When the car club opened in 2008 it featured a rotating display of Ferraris, Lamborghinis, Bentleys and other rare, cars owned by private collectors.
Of all the tenants, the largest are DSW, Old Navy and West Elm.
The seller, Cameron Group Associates LLP, is an Orlando-based investment vehicle for Shutts & Bowen real estate attorney James Willard, East End Market founder John Rife, and Steven and Frank Schrimsher of Schrimsher Properties.
The partnership developed the buildings between 2003 and 2007, not too long after the Mall at Millenia opened in 2002. Today, Mall at Millenia features about 150 stores, across 1.2 million square feet.
Willard told GrowthSpotter the team still owns about 16 other out-parcels around the Mall at Millenia, including the 58,475-square-foot Shoppes at Millenia retail center on the corner of Millenia Boulevard and Conroy Road.
He said the most recent deal allowed to group to pay off a $15.75 million mortgage from Northwestern Mutual, and was convenient because it allowed the team to sell to one purchasing group at once.
Gradon Willard, with BluRock Commercial Real Estate and son of James Willard, represented the seller. Principals at Orion Real Estate Group represented Limestone Asset Management in the deal.
The Miami-based company, founded in 2010, holds $200 million in commercial and mixed-use real estate located across the United States.
In a press release from the company, chairman Ibrahim Al-Rashid, said the properties were an ideal addition to its portfolio.
“Commercial and office properties continue to be a focus of our acquisition efforts and we believe in the long-term growth story in Florida,” he said. Al-Rashid was not immediately available to comment.
Another investor targeting Orlando’s I-Drive tourism corridor includes the multi-unit franchisee organization Sun Holdings LLC, which paid $3.15 million for a 3.5-acre vacant lot on the southeast corner where International Drive South and Daryl Carter Parkway intersect. Earlier this summer, GrowthSpotter reported the company plans to build a new Popeyes fast food restaurant there.
Nearby, Miami-based Related Group is planning a luxury 480-unit multifamily community with 40,000 square feet of retail/restaurant space.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
