Colliers Announces Sales Of Two Central Florida Retail Plazas

Colliers | U.S. announced the sale of Towne Square, a 126,393-square-foot retail center, to an entity related to JBL Asset Management for $18.1 million. The property was sold by Continental Realty Corporation and is located at the signalized intersection of West Colonial Drive and Maguire Road in Ocoee, within the Winter Garden submarket of the Orlando MSA.

Colliers’ Whitaker Leonhardt and Tommy Isola represented the seller in the transaction. The property was 100% occupied at the time of the sale.

“Towne Square combines long-term stability with significant upside potential, making it an attractive investment in one of Orlando’s fastest-growing submarkets,” said Leonhardt, executive vice president at Colliers. “Anchored shopping centers that have low base rents below market rents are attractive to investors, due to their pricing below replacement cost, as well as the potential for future rent growth. There is significant demand for retail properties with this profile.”

The center features Gabe’s, a leading off-price department store that recently remodeled the space and extended its lease, and My Salon Suite, which recently signed a 10-year lease and opened at full occupancy. The property offers a diverse tenant mix, with 14 of 19 shop tenants having renewal history, and current rents averaging approximately 30% below market, creating an embedded upside. Included in the sale is a ±0.7-acre undeveloped outparcel pad.

Situated at a prime intersection with 59,400 combined vehicles per day and regional connectivity via SR-408, SR-429 and Florida’s Turnpike, Towne Square benefits from strong fundamentals and an affluent trade area of 69,000 residents within 3 miles, with average household incomes exceeding $123,000. Nearby drivers include Health Central Hospital, Orange Technical College and West Oaks Mall, while downtown Winter Garden—home to Plant Street Market and Crooked Can Brewing—is just 3 miles away. The surrounding area is experiencing significant residential growth, including thousands of new apartments and single-family units under development.

“This transaction reflects the strength of Orlando’s retail market and the demand for well-located assets with both stability and growth potential,” said Isola, associate at Colliers.

The second transaction involves Springs Plaza, a 67,477-square-foot premier open-air shopping center, to Last Mile Investments for an undisclosed price.

The property is located at 2381 W State Road 434 in Longwood, which is the wealthiest zip code in Orlando’s MSA and approximately 15 miles north of Orlando.
Colliers’ Brad Peterson, Michael Brewster and Tommy Isola represented the seller, a joint venture between MCB Real Estate, Faison Enterprises, Inc. and Crossmarc Services, LLC in the sale transaction.

“This offering was very competitively chased by a diverse profile of investment capital from 1031 investors and private families to today’s leading institutional investors seeking essential and convenience strip centers,” said Isola.

Built in 1979 and renovated in 2024, Springs Plaza is shadow-anchored by a high-performing Publix Supermarket, the number-one grocer in the Southeast by market share and complemented by an adjacent Publix Liquor store. The center is home to a dynamic blend of existing and tenants coming soon—including Banfield Pet Hospital, First Watch, Foxtail Coffee Co., Hand & Stone, Hurricane Grill & Wings, Jersey Mike’s Subs, Mathnasium, SoFresh, Tropical Smoothie Café and Woof Gang Bakery.

Outparcels were also included in the sale that are occupied by Regions Bank and Jeremiah’s Italian Ice. Most tenants have enjoyed long-term occupancy, with over half having renewed and an average shop tenure exceeding 10 years, further enhancing the center’s investment appeal.

The property was 98.2% occupied at the time of the sale.

“This transaction underscores the continued strength of the Orlando retail market and the appeal of high-quality, well-located assets,” said Peterson, vice chairman at Colliers. “Springs Plaza’s exceptional tenant mix, strong leasing history and prime location position it for long-term success.”

Strategically located at a prime 20-lane signalized intersection in Longwood—Orlando MSA’s wealthiest ZIP code (average net worth $2.6 million-plus), surpassing Winter Park, Windermere and Lake Nona—Springs Plaza benefits from 84,000 vehicles per day and proximity to two additional signalized intersections.