Franklin Street has arranged the $23.35 million sale of the Ovation Town Center, a 96,750-square-foot, Publix-anchored shopping center in the Davenport submarket of Orlando.
Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented the seller, Armstrong Development, in the transaction. The property was purchased by Publix Super Markets.
“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.”
Ovation Town Center is located at 7800 Lake Wilson Road approximately 10 minutes from Disney World and just south of Orlando. The center features a diversified roster of national tenants including Publix, McDonalds, Wells Fargo, Tropical Smoothie, Anytime Fitness, and an array of service tenants catering to the patrons at the Reunion resort and the surrounding community.
Tennant stated that, “The property’s location near the Interstate 4 tourism corridor attracted very strong investor interest in the shopping center. Additionally, a majority of the national and local tenants have been in the center from the beginning and they have benefited with increased foot traffic from the continued growth of Publix sales. The center has maintained a 93% occupancy rate as the submarket continues to expand to accommodate the growth around Reunion resort and the immediate area.”