JLL Capital Markets announced today that it has closed the $7.65 million REO sale of Columbia Promenade, a 65,853-square-foot, Publix-anchored shopping center in the Orlando-area community of Kissimmee, Florida.
JLL marketed the properties on behalf of the seller. The PMAT Companies purchased the asset. The property was marketed in coordination with Ten-X.
Columbia Promenade was completed in 2000 and is 92.7% leased to a diversified tenant lineup anchored by Publix, which has the No. 1 grocery market share in Florida and Orlando. Situated on 9.7 acres at 1251 W. Columbia Ave., the property is in a high-traffic location with frontage along John Young Parkway, which provides regional connectivity. Columbia Promenade is in a dense, infill location with nearly 75,000 residents living within a three-mile radius. The area has a strong projected population growth of 8.2% within the next four years.
“Grocery-anchored assets are our ‘bread and butter,’ and we are excited to close on yet another Florida grocery-anchored center after focusing primarily on opportunities in the Midwest recently,” said PMAT President, Kevin Kush. “In fact, this transaction is our second Publix-anchored acquisition in the last two months.
“We have again proven that ‘PMAT Performs’ through market challenges and have maintained our ‘1.000 batting average’ of closing every deal that we have put under contract since inception in 2003,” Kush continued. “Our reputation for a simple transaction process with certainty of close is a strong value-proposition for sellers in today’s skittish capital market environment, and we have the capacity to acquire many additional opportunities where COVID-19 has created temporary dislocations in fundamentally sound assets.”
The JLL Capital Markets team representing the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Analyst Tommy Isola.
“Grocery-anchored centers in Florida continue to get a tremendous reception in the market as evidenced by the wide audience of over 300 parties that reviewed this transaction,” Peterson said. “There were 19 qualified groups that registered to bid for Columbia Promenade and nine that actively participated in the auction. Well-located, strong-performing retail has continued to attract investor interest during the pandemic, as evidenced by this successful transaction.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The PMAT Companies
PMAT is a real estate investment company focused on value-add, anchored retail centers located across the Sunbelt, Southeast, Southwest and Midwest. Since inception in 2003, PMAT has completed over $1.0 billion in total transactions representing over 9 million square feet has closed every deal that they have put under contract – a 1.000 batting average over a 17-year track-record. PMAT’s proven thesis is that macro market inefficiency creates micro market opportunity for nimble, private capital. With this perspective, PMAT applies a targeted acquisition platform to purchase select open air retail anchored primarily by strong grocer, off-price, discount, necessity and fitness tenants.