Unison Realty Partners, a privately held retail real estate investment management firm, announced its purchase of Lake Mary Pointe, a 51,000-square-foot neighborhood grocery-anchored shopping center in Lake Mary, FL. The firm acquired the property from Retail Properties of America, Inc. (RPAI).
Lake Mary Pointe is located 13 miles north of downtown Orlando and is currently 84% leased. Publix, Florida’s dominant grocer, has served as anchor since the center was built in 1999. The center is strategically positioned on the corner of Weldon Boulevard and U.S. 17/92, a primary north-south road connecting Lake Mary to Orlando with an average daily traffic volume of approximately 37,000 vehicles per day. Lake Mary Pointe is located less than one mile south of Seminole State College’s main campus (over 14,000 students enrolled) and Seminole County Government Offices (over 1,200 employees). Within a 3-mile radius of the property there is an estimated 57,000 residents earning an average annual income of more than $70,000.
“The purchase of Lake Mary Pointe marks our entry into Florida,” says Brendon McCarthy, Vice President of Acquisitions at Unison Realty Partners. “Having diligenced markets and opportunities for a number of years in the state, we are excited about the opportunity to own such a highly-successful Publix location in the high-growth Orlando MSA.”
Unison has retained Franklin Street, one of the fastest-growing real estate services firm in the Southeast, as both property manager and leasing agent for the center. Headquartered in Florida, Franklin Street has offices in Tampa, Atlanta, Jacksonville, Orlando, Miami, and Fort Lauderdale and has completed more than $4 billion in transaction volume throughout the United States.
“It is a pleasure to partner with Unison, a proven owner and operator of neighborhood retail, on their expansion into the Florida market,” says Yvonne Baker, Regional Managing Partner at Franklin Street of Orlando. “We look forward to continuing the success of Lake Mary Pointe to date and unlocking its full potential.”
Lake Mary Pointe represents Unison’s third acquisition in 2017. Earlier this year the firm purchased Mooresville Festival (a 160,000 SF community center anchored by Kohl’s and Big Lots outside of Charlotte, NC) and Commons at Hooper (a 120,000 SF community center anchored by Michaels, DSW and Dollar Tree in Toms River, NJ). Unison continues to actively seek new deals in Florida and throughout the Southeast Region to complement its existing New England and Mid-Atlantic presence.
Dennis Carson of CBRE Miami was the broker in this acquisition.
About Unison Realty Partners
Unison Realty Partners is a private equity real estate firm 100 percent dedicated to value-add retail investing. Based in Boston and founded in 2010, the firm has acquired over $185 million of shopping center space, totaling over 1.5 million square feet across 14 properties since inception. As an independent owner / operator, Unison implements a value-add investment strategy throughout the Eastern U.S. Unison targets necessity-based, neighborhood and community shopping centers representing $10-$50 million in property value. Learn more at www.unisonrealtypartners.com.
FOR MORE INFORMATION CONTACT:
Brendon McCarthy, CFA
John DiOrio, CAIA
Joint Venture & Investment Solutions