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Publix-anchored shadow center in Eustis sells for over $9M

Shoppes at Eustis was completed in 2006 and sold fully leased to tenants such as Starbucks, Verizon Wireless and Planet Smoothie.
Shoppes at Eustis was completed in 2006 and sold fully leased to tenants such as Starbucks, Verizon Wireless and Planet Smoothie. (Handout)

Tabani Group, a Dallas-based real estate developer, has closed on a $9.175 million deal to obtain Shoppes at Eustis Village, a fully leased 29,367 square feet retail strip center in Eustis.

The firm acquired the Shoppes at Eustis Village from CORE , a Miami-based Investment Properties firm. CORE and its principals own and actively manage approximately 1.5 million square feet of properties throughout the region, and it is a private investor of primarily well-located, stabilized retail and office properties located in primary and secondary MSA markets of Florida and the southeastern United States.

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JLL Capital Markets represented the seller, and Whitaker Leonhardt, senior director at JLL, said the sale was reflective of demand for existing shopping centers and also that Eustis is a growing area of interest for retailers.

“With the near-completion of the 429 connection and the tremendous amount of residential growth in the area, that’s good for retail,” said Leonhardt, a senior director with JLL Capital Markets, who brokered the deal with Brad Peterson, senior managing director, Director Michael Brewster and Associate Tommy Isola.

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The site would be developed in four phases, starting with a 75-unit apartment building with ground-level retail and a food hall.

“The amount of new construction is at an all-time low for new shopping centers. We’re seeing interest skyrocket. We had a dozen offers on the property. There is a lot of demand,” Leonhardt added.

Completed in 2006, Shoppes at Eustis Village’s tenants include Starbucks, Verizon Wireless, Pep Boys, Greenberg Dental, Liberty Health Sciences and Planet Smoothie. The three-building property is a shadow center to the Publix-anchored Eustis Village, next door.

Shoppes at Eustis Village is located at 15439 US Highway 441 in a highly visible location where Highway 441 intersects with David Walker Drive, and estimates indicate more than 61,000 vehicles pass the property every day.

“Shoppes at Eustis Village is right in the heart of a high-growth submarket of Orlando and will benefit from the SR 429 extension ‘ring road’ around Orlando, which has already opened up access to downtown Orlando and spurred new housing development throughout the submarket,” Leonhardt said. “The seller successfully leased the property to 100 percent occupancy, which is exactly what retail investors are interested in today.”

Founded in 1981 by Zaffar Tabani, Tabani Group bills itself as a full-service commercial real estate company with a portfolio of more than $1 billion and ten million square feet of commercial, hotel and residential real estate nationwide. Central Florida properties include Orlando’s Southgate Shopping Center and Baldwin Park Village and Celebration Suites in Kissimmee.

Have a tip about Central Florida development? Contact me at Newsroom@GrowthSpotter.com or (407) 420-6261. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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