Central Florida retail center sells for $18.1 million

Colliers | U.S. has announced the sale of Towne Square, a 126,393-square-foot retail center anchored by Gabe’s and My Salon Suite, to an entity related to JBL Asset Management for $18.1 million. The property was sold by Continental Realty Corporation and is located at the signalized intersection of West Colonial Drive and Maguire Road in Ocoee, within the Winter Garden submarket of the Orlando MSA.

Colliers’ Whitaker Leonhardt and Tommy Isola represented the seller in the transaction. The property was 100% occupied at the time of the sale.

“Towne Square combines long-term stability with significant upside potential, making it an attractive investment in one of Orlando’s fastest-growing submarkets,” said Leonhardt, executive vice president at Colliers. “Anchored shopping centers that have low base rents below market rents are attractive to investors, due to their pricing below replacement cost, as well as the potential for future rent growth. There is significant demand for retail properties with this profile.”

The center features Gabe’s, a leading off-price department store that recently remodeled the space and extended its lease, and My Salon Suite, which recently signed a 10-year lease and opened at full occupancy. The property offers a diverse tenant mix, with 14 of 19 shop tenants having renewal history, and current rents averaging approximately 30% below market, creating embedded upside. Included in the sale is a ±0.7-acre undeveloped outparcel pad.

Situated at a prime intersection with 59,400 combined vehicles per day and regional connectivity via SR-408, SR-429 and Florida’s Turnpike, Towne Square benefits from strong fundamentals and an affluent trade area of 69,000 residents within 3 miles, with average household incomes exceeding $123,000. Nearby drivers include Health Central Hospital, Orange Technical College and West Oaks Mall, while downtown Winter Garden—home to Plant Street Market and Crooked Can Brewing—is just 3 miles away. The surrounding area is experiencing significant residential growth, including thousands of new apartments and single-family units under development.

“This transaction reflects the strength of Orlando’s retail market and the demand for well-located assets with both stability and growth potential,” said Isola, associate at Colliers.

About Colliers

Colliers is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering, and Investment Management – we have a proven business model, an enterprising culture, and a unique partnership philosophy that drives growth and value creation. For 30 years, Colliers has consistently delivered approximately 20% compound annual returns for shareholders, fueled by visionary leadership, significant inside ownership and substantial recurring earnings. With $5.5 billion in annual revenues, a team of 24,000 professionals, and $108 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.

About JBL Asset Management LLC

JBL Asset Management is a privately owned and fully integrated commercial real estate investment company specializing in the acquisition, development and management of retail shopping centers in major markets across the country. The company is headquartered in Hollywood, FL. JBL currently owns and operates a portfolio of approximately 4.7 million square feet.