Colliers Executes Sale Of Lake Nona Retail Development For Combined $31 Million

Colliers | U.S. has arranged the sale of Narcoossee Cove, a multi-parcel retail development located at the corner of Narcoossee Road and Irenic Way in Lake Nona, for $31,046,450.

Colliers executed the sale through multiple transactions with five different buyers over the course of several months. The final transaction, a 3,181-square-foot Raising Cane’s located at 12040 Pioneers Way, was purchased by an investor in December for $3,977,000.

Narcoossee Cove was built by WMG Development, who was the seller. Construction began in 2023 and was completed in 2024. Michael Brewster and Tommy Isola of Colliers represented WMG Development in the transactions.

“There’s a strong case to say that there is no other area in the U.S. like Lake Nona,” said Brewster, vice president of Colliers. “This submarket is an employment center with affluence, in-place density, and continuing strong population growth. WMG foresaw tremendous value and delivered properties with best-in-class tenants. As a result, retail investors benefit from superior risk-adjusted returns.”

Narcoossee Cove sits on 7.7 acres directly adjacent to two luxury apartment communities – the 354-unit Narcoossee Cove by Bainbridge and 260-unit Novel Nona by Crescent Communities. The property totals 36,100 square feet of retail property and includes six outparcel retail properties. From March 2024 to December 2024, Colliers brokered the sale of six outparcel retail properties at Narcoossee Cove to five buyers, including:

• A 6,343-square-foot Miller’s Ale House located at 11955 Narcoossee Road sold to a foreign investor for $6,075,000.
• A 1,900-square-foot Fifth Third Bank located at 11915 Narcoossee Road sold to a large multi-family investor for $4,167,000.
• A 7,000-square-foot multi-tenant retail strip located at 11851 Narcoossee Road and 9,476-square-foot multi-tenant retail strip with a Starbucks drive-thru located at 11825 Narcoossee Road sold to a public real estate investment trust (REIT) for $13.2 million.
• An 8,200-square-foot Discount Tire located at 12061 Narcoossee Road sold to a private investor for $3,627,450.
• A 3,181-square-foot Raising Cane’s located at 12040 Pioneers Way sold to a private investor for $3,977,000.

A 0.95-acre parcel of land between Miller’s Ale House and Discount Tire was sold to a car wash operator in January 2023 for $3.7 million.

“Because of so much population growth in Orlando, retail inventory per capita has declined 10% since 2014, resulting in pent up demand from tenants for new space to provide goods and services to the $2.01 billion in gross income that has migrated to Orlando since 2020,” said Brewster. “Looking forward, new supply of unanchored strip centers is leveling off, which makes existing space even more desirable to investors.”

Colliers also worked with the seller to fully lease the property before listing it for sale. Colliers’ Alexie Fonseca, David Gabbai and Jeff Johnson secured tenants such as Crumbl Cookies, The Joint Chiropractic, Wild Fork Foods and Blaze Pizza. Lease terms ranged from ten to twenty years across the ten tenants.

“We’re grateful to WMG for trusting Colliers with this project from start to finish,” said Johnson, associate vice president of Colliers. “In 2020, we brought them a strong land opportunity with tight contract deadlines. They saw the potential, made the deal, and we got the property leased. Five years later, we’re proud to see it come full circle. WMG is more than a client—they’re a partner, and we look forward to the next great opportunity.”