AEW Capital Management acquired Center of Winter Park, a retail asset in the submarket of Orlando, for $72.75m from the Sterling Organization. The 244,977 sq ft shopping center is anchored by a Marshalls/HomeGoods combination store, Ross Dress for Less, Office Depot and teen discount retailer Five Below. The center was acquired by Sterling Value Add Partners in February 2013 for $27.65m. At the time of the sale the property was 97 percent leased. Holliday Fenoglio Fowler represented the seller during the course of the transaction.
“During our five years of ownership, our team was able to execute a textbook repositioning of Center of Winter Park, increasing the quality of the tenancy and more than doubling the net operating income at the property,” said Brian Kosoy, managing principal, president and CEO of Sterling Organization. “Credit goes to everyone on our team who worked on the asset. As a result of their efforts, the deal materially outperformed our target returns.”
