Jones Lang LaSalle Incorporated : Grocery-anchored retail center trades for $19.125M in Gainesville, FL

ORLANDO, Jan. 20, 2022 -JLL Capital Markets announced today that it has closed the $19.125 million sale of Gainesville Plaza, a 165,705-square-foot shopping center anchored by Burlington and Ross Dress for Less in a Qualified Opportunity Zone in Gainesville, Florida.

JLL marketed the property on behalf of the seller, Wicker Park Capital Management and Riverstone Capital Group. Cobalt Real Este Solutions, an affiliate of Divaris Real Estate, Inc, purchased the asset.

Gainesville Plaza is 96.7 percent leased to a variety of national and popular tenants, including Burlington, Ross Dress for Less, 2nd & Charles, Save-A-Lot, Five Below and Hibbett Sports. Constructed in 1971, the center was renovated in 2015 and is currently expanding with the addition of a new two-tenant outparcel pad pre-leased to Firehouse Subs and Tropical Smoothie Café, along with a new adjacent Wendy's location.

Situated on 16.5 acres at 2649 NW 13th St., Gainesville Plaza is at a signalized intersection on the "going home" side of NW 13th Street. The property is within the 13th Street/US 441 Corridor, an extended and distinct trade area surrounded by a dense population that includes the student base at the University of Florida, which is 1.7 miles away and has 57,000 students. Additionally, 75,000 residents live within a three-mile radius of the property, a 6.2 percent increase over the last five years.

The JLL Retail Capital Markets team representing the Seller was led by Senior Managing Director Brad Peterson and Senior Director Whitaker Leonhardt.

"Gainesville is an absolutely ideal retail real estate market in which to invest, as it is driven by one of the largest and most successful research universities in the world, the University of Florida, along with a world-class hospital system in UF Health," Leonhardt said. The strength of the local market combined with the multiplier effect from the university's student population, established healthcare industry and burgeoning technology and venture capital industries all make Gainesville Plaza an ideal investment.

"The shopping center is home to Gainesville's first and only Burlington store along with one of two Ross for Dress and Five Below locations in the market," Leonhardt continued. "Given the proximity to University of Florida, Sante Fe College, Downtown Gainesville and Gainesville Regional Airport, as well as many of the area's most established residential neighborhoods, Gainesville Plaza was well received by investors and will be a successful property in the buyer's portfolio for years to come."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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