Vero Beach-based Evans Properties has acquired the Mills Park retail center in Orlando for $29.6 million. Developed by Tampa-based DeBartolo Development Co. and Forge Capital Partners, the 55,557 sqf shopping plaza is located at 1500 N. Mills Ave. It traded for just under $533 per sqf. Anchored by The Fresh Market, the property is 93 percent leased to national tenants AT&T, PNC Bank, Giraffas, Pure Barre, Firebirds Wood Fired Grill and The Brass Tap. The property is part of a mixed-used development which includes the 310 unit Gallery at Mills Park apartment building which sold last year for $66.5 million. CBRE’s National Retail Investment Group in Florida exclusively represented the seller.
“The Market at Mills Park represented a rare opportunity to purchase a newly built, highly successful grocery anchored property located north of downtown Orlando and part of a dynamic, mixed-use development. The property’s location near Orlando’s vibrant urban center fit well with the investment criteria that investors are seeking today,” commented Casey Rosen, Executive Vice President CBRE.
