CBRE Facilitates Sale of 629,326-SF Retail Center in Winter Garden

CBRE’s Florida National Retail Partners team has arranged the sale of Winter Garden Village, a 629,326-sq.-ft. retail center in Winter Garden, Fla. It was 89% occupied at the time of sale.

Dennis Carson, Casey Rosen, Michael Etemad and Sriram Rajan with CBRE National Partners, represented the seller, SITE Centers, in the transaction.

Winter Garden Village is regionally located at 3251 Daniels Road with convenient access to State Road 429 and serves some of Orlando’s most established and wealthiest neighborhoods such as Windermere, Lake Butler and Bay Hill. The property ranks as the number one most visited retail center in the western Orlando Metropolitan Area. Winter Garden Village has a strong, diverse tenant roster including Bealls, Best Buy, Burlington, Marshalls/Homegoods, Ross Dress for Less, Ulta Beauty and others. The property boasts a class A design and is institutionally maintained.

“Winter Garden Village is a true trophy retail asset that epitomizes the favorable open air shopping center fundamentals we see driving increased demand in the sector,” said Carson, Executive Vice President at CBRE. “This includes record high submarket occupancy, strong tenant performance and demand, limited new supply, high barriers to entry and numerous mark-to-market opportunities.”

The sale of Winter Garden Village aligns with SITE Centers strategy of selling out of large, anchored retail properties and focusing on the acquisition of unanchored, convenience-oriented properties within its spinoff company, Curbline Properties. Curbline Properties retained 130,563 sq. ft. of single and multi-tenant outparcels at Winter Garden Village.

Carson added, “The Winter Garden Village sale reflected strong demand for Florida retail real estate from numerous large-scale owners expanding or reactivating their buying activity, and is a real win for the buyer, which through its advisory businesses controls several highly successful and market dominant shopping centers in Florida.”

The sale marks one of the largest retail real estate sales in the Orlando Metropolitan Area in the last five years.