Limestone Asset Management Acquires Millenia Plaza for $74.1 Million
The Miami-based firm invests and acquires real estate properties throughout North America
Limestone Asset Management recently purchased the Millenia Plaza retail center in Orlando for $74.1 million. The 411,503-square-foot property on approximately 38 acres is located at 4403-4467 Millenia Plaza Way. Limestone Asset Management is the second most prominent real estate owner in the Mall at Millenia Trade Area.
Kevin Sanz of Orion Real Estate Group led the buyer’s acquisition, Limestone Millenia Plaza LLC. Brad Peterson and Whitaker Leonhardt of JLL represented the seller, Millenia Plaza LLC. Ocean Bank is providing financing.
The super-regional, open-air center is in the heart of one of the most successful retail trade areas in the U.S. Millenia Plaza offers a unique combination of location, best-in-class tenancy and significant value-creation potential. There are currently 11 tenants, including The Home Depot, BJ’s Wholesale Club, Ashley Furniture, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less.
The recent purchase adds to Limestone Asset Management’s late 2020 purchase of seven single-tenant outparcels at Mall at Millenia for $22.7 million. Its May 2021 purchase for $10.4 million of two outparcels around Mall at Millenia brings its total assemblage of outparcels around Mall at Millenia to 529,766 square feet.
“We are excited to acquire this valuable property in the most visited city in the U.S.,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “This purchase not only adds to our portfolio of properties around the Mall at Millenia, but it shows our commitment to the Orlando area.”