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Dallas-based CRE group buys inline retail segment of Gardens on Millenia

Dallas-based CRE group buys inline retail segment of Gardens on Millenia
Outlined in green are the two multi-tenant retail outparcel buildings at the Gardens on Millenia project on Millenia Boulevard that sold last week. A separate big-box segment (red) sold to investors in late December. (RJS Realty / staff edit)

An investment vehicle for Dallas-based Crow Holdings Capital Real Estate paid $12.4 million last week for the inline retail buildings at BBX Capital's Gardens on Millenia development.

Located at 3525 Gardens Ridge Way in the 3700 block of Millenia Boulevard, the 2.8 acres of multi-tenant outparcel buildings lie within the 87-acre Gardens on Millenia project.

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It was developed over the past three years by South Florida-based Stiles Corporation, BBX Capital Real Estate, and multifamily partner ContraVest. Thirty acres of the total property are Lake Amanda.

The sale closed March 30, and was recorded Tuesday in Orange County. Officials with Crow declined to comment on the investment.

The two inline buildings offered 22,850 square feet of leasable area, and were near full occupancy at time of sale with one vacancy of 840 square feet, according to Jill Gull, vice president with Stiles Corporation who marketed the property up until last week.

The tenant roster includes Five Guys, Navy Federal Credit Union, Mattress One, Tijuana Flats, T-Mobile, Huey Magoo's Chicken Tenders, Paris Nails, Thai Express, Sus Hi Eatstation (sushi QSR) and Lovely Eyebrow.

This type of investment in a new, multi-tenant retail strip for Crow Holdings mirrors a $7.4 million purchase the group made in early December in Oviedo.

BBX Capital previously sold this development's secondary retail anchor segment in late December for $17 million to Houston-based family real estate firm Silvestri Investments. That parcel included the more than 120,000 square feet leased by Hobby Lobby and Academy Soprts & Outdoor.

Bob Sullivan of RJS Realty Group has marketed the retail portions of Gardens on Millenia for sale since August for client BBX Capital. The two multi-tenant inline buildings were being marketed at $14 million and a 6.25 percent Cap rate.

Costco Wholesale bought its 15.46-acre anchor parcel of Gardens on Millenia from the developers in December 2015 for $9.25 million, prior to construction.

The final two undeveloped outparcels in the southeast corner of the project are separately owned, and earmarked for a future Meson Sandwiches and Culver's restaurant.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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