JLL represented the seller of the recently renovated property.
V3 Capital Group has acquired Wekiva Square, a 175,175-square-foot retail center in Altamonte Springs, Fla. Coro Realty Advisors sold the asset for $23.5 million. According to CommercialEdge, V3 financed the purchase with a $16.8 million loan from Ocean Bank. JLL represented the seller.
Completed in 1981, Wekiva Square comprises seven buildings across roughly 15.8 acres, CommercialEdge data shows. Kohl’s, HomeGoods and Dollar Tree anchor the 99.1 percent-leased property that was most recently renovated this year. HomeGoods and Dollar Tree have been operating at the location for more than 10 years.
The shopping center is located at 945 Semoran Blvd., at a busy intersection with 24 lanes and a traffic count of 115,000 vehicles per day. Downtown Orlando is some 12 miles south.
JLL Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Associate Tommy Isola led the team which negotiated on behalf of Coro Realty. Earlier this month, the brokerage firm arranged the disposition of Deerwood Town Center, a 205,853-square-foot retail center in Miami.
Even with the latest inflationary pressures, retail fundamentals remain solid and spending continues to grow. Acknowledging the market’s potential, Peterson stated in prepared remarks that the investor’s vivid interest in Wekiva Square proves the retail sector is still highly sought-after.