Sale of Glenbrook Commons follows re-tenanting and substantial leasing to achieve 98% occupancy
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has completed the sale of Glenbrook Commons, a 64,707 square foot fitness-anchored retail center located near Orlando in the Clermont section of Lake County, Florida for $9.4 million to CrossMarc Services. Located at 1714 US Highway 27, the asset was 98% occupied at the time of the sales transaction. The JLL Retail Capital Markets Investments Sales and Advisory team, led by Brad Peterson, Senior Managing Director, and Whitaker Leonhardt, Senior Director, handled marketing and sales activities on behalf of CRC.
Glenbrook Commons is located on a 15.6-acre site at the signalized intersection of Glenbrook Boulevard and US Highway 27. The center features a mix of professional services, healthcare, and medical tenants. The center is positioned less than two miles from US Route 192, the major east/west thoroughfare to the Walt Disney World theme parks, located ten miles to the east. Glenbrook Commons is well located in a continued path of growth.
At the time of CRC’s acquisition of Glenbrook Commons in 2016, the shopping center was 24% occupied. CRC negotiated a lease agreement to backfill the anchor vacancy in 2019 with Fitness CF, a locally owned exercise and fitness center which is active in the Central Florida region. Re-tenanting the anchor box kick-started leasing activity for the remaining center. Small-shop space was leased from 61% occupancy to 96% occupancy during CRC’s hold. CRC also completed the parcelization of an existing outparcel leased to AutoZone and sold the pad site in early 2021.
“Glenbrook Commons is a perfect case study on the strength and depth of our vertically integrated retail investment platform,”said JM Schapiro, CEO of Continental Realty Corporation.“We bought strategically in the path of growth, recognizing the early trends of the submarket, and our leasing team executed on a tremendous turnaround of the asset. The asset management team parcelized and sold a valuable roadside pad and we were ultimately able to sell a very stable asset into a strong market. This investment showcases some of the many ways our teams does an exceptional job at harvesting value.”
Headquartered in Baltimore and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of more than five million square feet of commercial space and over 9,000 apartment homes across ten states, with a portfolio value exceeding $3 billion. For additional information, visit crcrealty.com.
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