HFF closes $10.015 million sale of and secures $7.37 million in financing for grocery-anchored retail center near Orlando
ATLANTA, GA – April 26, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $10.015 million sale of and secured $7.375 million in acquisition financing for Main Street Square, a 108,509-square-foot neighborhood retail center anchored by Winn-Dixie in the northern Orlando community of Fern Park, Florida.
HFF marketed the property on behalf of the seller, The Nightingale Group, LLC. Gramercy Property Group, LLC purchased the asset free and clear of existing debt. Additionally, HFF, working on behalf of the new owner, placed the 10-year, fixed-rate loan with JPMorgan.
Main Street Square is 99 percent leased to a variety of tenants, including Winn-Dixie, Goodwill of Central Florida and Humana. Completed in 1988, the center was most recently renovated in 2013 when the Winn-Dixie store interior was completely renovated as well as the shopping center’s façade to enhance the curb appeal. Main Street Square is situated on 8.93 acres at 7800 U.S. 17-92 at a signalized intersection in Fern Park, a rapidly growing trade area between Maitland and Altamonte with more than 1,000 apartment units under construction within a two-mile radius of the shopping center. Traffic counts exceed 42,000 vehicles per day in front of the property, which is located in a dominant regional retail and office destination that includes the 1.2 million-square-foot Altamonte Mall and 6.4 million square feet of office space.
The HFF investment sales team representing the seller was led by managing director Luis Castillo, associate director Whitaker Leonhardt and senior managing director Richard Reid.
The HFF debt placement team was led by senior managing director Michael Weinberg and associate director Matthew Sand.
“Lender appetite for well-located, grocery-anchored retail remains strong as we saw on this transaction,” Sand said. “We were pleased with JP Morgan’s ability to execute within a tight timeframe on the acquisition.”
About The Nightingale Group, LLC
The Nightingale Group, LLC (Nightingale) is a privately held vertically integrated commercial real estate investment firm. Founded in 2005 by Elie Schwartz and Simon Singer, Nightingale deploys capital on behalf of itself and its partners through specific and nonspecific investments. Primarily, Nightingale seeks value-oriented investments with repositioning or redevelopment opportunities in core and non-core markets across the United States. By leveraging off a proprietary network, Nightingale is able to source unique opportunities. Once an opportunity is identified, an investment specific strategy is then conceived, designed to maximize value at all levels. Learn more at thenggroup.com.
About Gramercy Property Group, LLC
Gramercy Property Group, LLC (Gramercy) is a private partnership based in New York City focused on the acquisition and management of grocery-anchored centers in near-in suburban markets. Gramercy focuses on assets that provide long term growth through a combination of predictable, stable rental income and value-add components to meet its generational investment horizon.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.