Commercial Real Estate, Capital, Insurance, Leasing & Management

Publix buys out Ovation Town Center in Orlando for $23.3m

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Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented Armstrong Development, in the sale of the Ovation Town Center in Davenport, Florida.

Publix Super Markets has purchased the Ovation Town Center, where it is an anchor tenant, in a $23.35 million sale. The 96,750 square foot shopping center is located in the Davenport submarket of Orlando at 7800 Lake Wilson Road. Approximately 10 minutes from Disney World, the center also boasts national tenants like McDonalds, Wells Fargo, Tropical Smoothie, Anytime Fitness. The center was 93 percent leased at the time of the transaction. Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented the seller, Armstrong Development, in the transaction.

“Ovation Town Center was built to attract shoppers to the east of Interstate 4 and the thousands of annual visitors to the nearby Reunion Resort, a 2,300-acre gated community,” Belk said. “It is the closest anchored shopping center to the resort, where visitors oftentimes stay a week to a month at a time. We saw substantial investor interest in this property and received a variety of buyer profiles that submitted bids from institutional, REIT, and private investors across the country.”

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