11North Partners has snapped up West Town Corners, paying $59.5 million for the grocery-anchored shopping center along State Road 434 in Altamonte Springs. The busy retail hub, home to Winn-Dixie, PetSmart and TJ Maxx, spans multiple parcels in a high-traffic corridor just north of Orlando. The seller was Washington Prime Group, which has been steadily trimming its portfolio with a series of asset sales.
JLL Capital Markets, which represented the seller, described West Town Corners as roughly 284,497 square feet on about 28.95 acres and highlighted its frontage on SR-434 and solid trade-area fundamentals, according to JLL. CoStar also reported the transaction, noting the $59.5 million price along with a smaller leasable-area figure that pushes the per-square-foot math higher in its subscriber note.
Deal specifics
Deal trackers and public records show the property spans parcels at 150, 280 and 340 South State Road 434 and was marketed as a roughly 284,497-square-foot center in broker listings. Commercial Property Executive reports that the buyer secured a $37.4 million acquisition loan from Bank of America. Using the larger gross leasable area cited in the broker package produces a price near $209 per square foot, while the smaller area count cited by CoStar implies roughly $264 per square foot, a gap that reflects different approaches to tallying leasable area for multi-parcel centers.
Why it matters
11North has been ramping up its open-air, grocery-anchored platform after partnering with Bain Capital and closing a roughly $1.6 billion capital raise late last year to fuel acquisitions, according to The Real Deal. Investors often favor grocery-anchored centers for their steady foot traffic, necessity-based tenants and longer lease terms, factors brokers say continue to support demand across Orlando’s suburban retail corridors. Those same fundamentals help explain why 11North zeroed in on West Town Corners now.
What’s next for the center
Broker materials and sale notices played up leasing upside and value-add potential, but neither side announced immediate tenant shakeups at closing. Washington Prime Group previously listed West Town Corners among its holdings before the transaction closed, according to Washington Prime Group.
