Market-dominant Orlando-area retail center is for sale

ORLANDO, Feb. 23, 2022 – JLL Capital Markets announced today that Woolbright Development has selected it to market for sale Wekiva Riverwalk, a 235,390 square-foot market dominant neighborhood shopping center anchored by a new Sprouts Farmers Market in the fast-growing northern Orlando suburb of Apopka, Florida.

Originally built in 1989 and most recently renovated in 2021, Wekiva Riverwalk is 100 percent leased and home to a diverse lineup of high-quality anchors, including Sprouts, Marshalls, Bed Bath & Beyond, Ross Dress for Less, Regal Cinemas, Petco, Ulta Beauty and Five Below. With the exception of new tenants Sprouts Farmers Market, Ulta Beauty and Five Below, all other anchor tenants have a history of renewal and strong store performance.

The offering also includes the opportunity to purchase two outparcel pads ground leased to Regions Bank and The Learning Experience, allowing for the ability to take advantage of the aggressive 1031 buyer market and immediately reduce cost basis via the sale of the individual parcels. According to Placer.ai, Wekiva Riverwalk has emerged as a top performer, accounting for more than 2.1 million visits over last 12 months and propelling the property to the No. 1 most-visited shopping center in the surrounding region west of SR-434.

Wekiva Riverwalk is positioned at 2121 E Semoran Blvd. at the dominant, 20-lane intersection of SR-436 and Wekiva Springs Road, which have a combined daily traffic count of 82,000 vehicles. The center is in Apopka, which reports some of the most outstanding demographics in the Orlando MSA. Apopka boasts average household incomes exceeding $92,000 within a three-mile radius of the property, greatly outpacing the overall MSA. Additionally, the surrounding area is set for continued growth, with nearly 6,000 new residential units either under construction or planned within five miles of the property. Furthermore, the retail center also benefits from an extended drawing radius to the north and west, as there are no other specialty grocers and the nearest movie theaters are more than 10.5 miles away in Lake Mary to the north and Mount Dora to the northwest.

The JLL Retail Capital Markets Investment Sales and Advisory team representing the seller is being led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Associate Tommy Isola.

“The intersection of SR-436 (Semoran Boulevard) and Wekiwa Springs Road is a ‘must-have’ intersection for leading national anchor tenants, providing a location west of Interstate 4 to balance with the locations east of Interstate 4 around the Altamonte Mall,” Peterson said. “Wekiva Riverwalk has the best-in-category anchor tenants, all with a renewal history.

“Now, with the addition of a Sprouts grocery store, there is an opportunity to really drive rents across the property,” Peterson added. “This is the largest and highest-quality retail offering brought to market in North and Central Florida so far this year.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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