Millenia Plaza On the Market
- Aug 05, 2011
The largest open-air retail center in the Millenia trade area has been on the market for less than a week and rumors about its sale price have already been released. The 411,534 square-foot Millenia Plaza, built in 2001, has the most visible positioning along Interstate-4, at 4697 Millenia Plaza Way, less than four miles south of downtown Orlando and two to nine miles north of Disney World, Sea World and Universal Studios. The Millenia trade area, the epicenter of Central Florida, is anchored by the 1.2 million-square-foot Mall at Millenia—the preferred retail destination for the highest demographic residents in Central Florida—topped by nearly 3.7 million annual international tourists.
Adding to the value of the debt-free property are the current anchors—Home Depot, Dick’s Sporting Goods, Toys “R” Us/Babies “R” Us combo store and B.J.’s Warehouse—that have all signed long-term ground leases; other retailers such as Ross Dress for Less, Total Wine and More and Shoe Carnival signed 10-year leases earlier this year. No lease contract will expire within the next five years, and only 4.4 percent tenancy is due for renewal over the next 10 years. A 66,000-square-foot strip portion of the property is currently undergoing renovation as to accommodate more tenants.
Owner Orange Millenia Venture LLC, an entity related to Louisville, Ky.-based commercial real estate firm Kaden Cos, hired Holliday Fenoglio Fowler LP as the exclusive broker for the retail center. Brad Peterson and Michael Weinberg with HFF’s Orlando office have been tasked with finding a new owner for the Millenia Plaza. There are no official offers yet, nor does the property have a listed asking price, but Orlando Business Journal reports that real estate sources estimate that the debt-free property could fetch even more than $50 million.