Miami-based Limestone Asset Management closed on two outparcels, totaling 14,075 square feet, around Orlando’s popular Mall at Millenia for $10.4 million.
One outparcel includes a 5,530-square-foot AT&T store, located at 4006 Conroy Road. The second outparcel includes a 5,045-square-foot Panera Bread and a 3,500-square-foot Shake Shack, located at 4060 Conroy Road.
Kevin Sanz, president of Orion Real Estate Group, represented Limestone Asset Management in the purchase. The undisclosed seller of Panera Bread and Shake Shack brought this off-market deal directly to Orion before marketing it, due to positive experiences with prior transactions. Patrick Luther of SRS represented the undisclosed seller of the AT&T store.
Ocean Bank is providing financing.
This purchase adds to Limestone Asset Management’s late 2020, $22.7 million purchase of seven single-tenant outparcels at Mall at Millenia, bringing its total assemblage of outparcels around Mall at Millenia to 118,263 square feet. For the late 2020 sale, Patrick Luther, Matthew Mousavi and Patrick Nutt of SRS, as well as Gradon Willard of BluRock Commercial Real Estate, represented the undisclosed seller, which was the original developer of the property.
Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus, and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. It is recognized as one of the country’s most upscale and productive centers.
Limestone Asset Management is an affiliate of Orion Real Estate Group. Limestone Asset Management uses Orion Real Estate Group’s expertise to complete all of its North America-based transactions.
“We are very pleased to add these outparcels to our portfolio around Mall at Millenia,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “Now with 118,263 square feet of total space around Mall of Millenia, we are pleased to provide our tenants with exposure to the over 75 million international and domestic tourists who visit Orlando each year, plus local residents. Orlando is already one of the most visited cities in the world, and with continued reopening, we anticipate Orlando will return to its high growth trajectory.”
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