A partnership of CBRE Global Investors and Chicago-based Fairbourne Properties recently purchased the Marketplace at Seminole Towne Center for $58 million, according to several deeds recorded Jan. 3 in Seminole County.
The 14-building, 482,520-square-foot power center is located on 45.9 acres at 1771 W.P. Ball Blvd. (S.R. 417) in Sanford and has frontage on Rinehart Road and Towne Center Boulevard. Anchored by Big Lots, Marshalls and Stein Mart, the center was built in 2005.
The seller was Weingarten Realty Investors, which bought the center in August 2006 for $50.89 million. Weingarten was represented by Holliday Fenoglio Fowler LP, a provider of commercial real estate and capital markets services.
HFF managing director Brad Peterson said the sellers received more than a dozen offers for the property. He cited the current economic prosperity and the relative affluence of the Sanford-Lake Mary submarket. The area is home to more than 55,800 residents earning an average annual income of nearly $90,000, Peterson said in a written statement. Streets surrounding the shopping center carry traffic totaling 76,100 vehicles a day.
“It is truly exciting to see the level of activity in the Lake Mary-Sanford area,” Peterson said in the statement. “The office and residential markets are booming, and the completion and interconnectivity of S.R. 417, S.R. 429 and Interstate 4 will have a monumental impact on the area.”
Other businesses located in Marketplace are Ross Dress for Less, Old Navy, Ulta Beauty, Five Below, Petco, Party City, Cost Plus World Market, Smokey Bones, America’s Best, PNC Bank, Chipotle, Massage Envy, Panera Bread and AT&T. Also, non-owned Super Target and Mattress Firm are in the center.
Peterson said the center is 99-percent leased.
Fairbourne Properties is a full-service real estate investment and property management company based in Chicago that focuses on retail and office investments throughout the country.
CBRE Global Investors is a global real asset investment management firm that sponsors investment programs across the risk/return spectrum for investors worldwide.
Houston-based Weingarten Realty Investors is a shopping center manager, owner and developer. As of September, the company owned or operated, under long-term leases, either directly or though interest in joint ventures or partnerships, 185 properties, located in 17 states.