Miami-based Limestone Asset Management purchased the iconic 411,503-square-foot (about 37.9-acre) Millenia Plaza retail center in Orlando on July 22 for $74.1 million. The property is located at 4403-4467 Millenia Plaza Way.
Limestone Asset Management is the second largest owner of real estate in the Mall at Millenia Trade Area.
Kevin Sanz of Orion Real Estate Group led the acquisition of the buyer, Limestone Millenia Plaza LLC. Brad Peterson and Whitaker Leonhardt of JLL represented the seller, Millenia Plaza LLC. Ocean Bank is providing financing.
The super-regional, open-air center is in the heart of one of the most successful retail trades areas in the U.S. Millenia Plaza offers the unique combination of an unparalleled location, best-in-class tenancy, and significant value-creation potential. There are currently 11 tenants, including The Home Depot, BJ’s Wholesale Club, Ashley Furniture, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less.
This purchase adds to Limestone Asset Management’s late 2020, $22.7 million purchase of seven single-tenant outparcels at Mall at Millenia and Limestone’s May 2021, $10.4 million purchase of two outparcels around Mall at Millenia, bringing its total assemblage of outparcels around Mall at Millenia to 529,766 square feet. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North America.
“We are excited to acquire this valuable property in the most visited city in the U.S.,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “This purchase not only adds to our portfolio of properties around the Mall at Millenia, but it shows our commitment to the Orlando area.”
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