November 13, 2017
Orlando, FLA – Transwestern today announces it closed the sale of Winter Springs Town Center, a 115,767-square-foot, two-story retail plaza anchored by a highly successful Publix supermarket located at 1160 E. State Route 434 within Winter Springs, Florida, in metro Orlando. Transwestern Managing Director John Bell marketed and led the sale of the asset on behalf of a Dallas-based group to the buyer, Phillips Edison & Company.
“Winter Springs Town Center is a high-profile, institutional-quality retail asset situated within a fast-growing residential community,” said Bell. “The shopping center is home to a solid existing tenant base offering new ownership in-place income and long-term confidence provided by a burgeoning area.”
With an average household income of $106,143 within a 1 mile radius of Winter Springs Town Center, Winter Springs is a growing, affluent community straddling the strong-performing E. Seminole and Casselberry retail markets.
“Located at the high-profile intersection of State Route 434 and Tuskawilla Road, the asset serves as the de facto downtown for the community and is a strong attraction for small and large tenants looking to tap into the growing community’s established and expanding residential demand for goods and services,” said David Wik, Senior Vice President of Acquisitions for Phillips Edison & Company. “We’re pleased to add this property to our diverse national portfolio.”
In addition to Publix, notable Winter Springs Town Center tenants include Zoo Health Club, Subway, UPS, Great Clips, GNC, Quest Diagnostics, and Edward Jones. The property benefits from significant recent road and infrastructure improvements that have enhanced visibility, as well as expanded outdoor seating for tenant operations with a planned amphitheater to be built across from the center this year, all factors solidifying its position as the market’s dominant center.
Bell has executed real estate transactions amounting to over $3 billion across all asset types with a primary focus in the Florida and Southeast U.S. markets. He is an expert in trophy and distressed assets and has a diverse roster of institutional, private and special servicer clients.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Southeast region, follow @TranswesternSE.
ABOUT PHILLIPS EDISON & COMPANY
Phillips Edison & Company (PECO) is one of the nation’s largest owners and operators of market-leading, grocery-anchored shopping centers. The company manages a diversified portfolio of over 340 shopping centers – 236 of which are owned directly by the company and comprise approximately 26.2 million square feet located in 32 states. PECO’s proven, vertically-integrated operating platform allows it to effectively and efficiently acquire, lease and manage its properties, resulting in a history of strong operating results and great shopping experiences. For more information, please visit www.phillipsedison.com.
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Typhanie Stewart
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typhanie@stir-communications.com
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