Jones Lang LaSalle Incorporated : Recently renovated Central Florida retail center sells for $13M

ORLANDO, Jan. 11, 2022 -JLL Capital Markets announced that it has closed the $13 million sale of Boyd Market Center, a 102,066-square-foot retail center anchored by leading national tenants in the Central Florida community of Ocala.

JLL marketed the property on behalf of the seller, a real estate and finance company. V3 Capital Group LLC acquired the property and was advised by V3 Commercial Advisors.

With 3.1 million visitors annually, Boyd Market Center is the second most trafficked shopping center within a 15-mile radius. It is 95.7 percent leased to a diverse roster of national and local tenants, including Conn's Home Plus, Plant Fitness, Shoe Carnival, Moe's Southwest Grill, GameStop and CSL Plasma. Completed between 2001 and 2004, the seller invested significant capital in upgrades and renovations throughout the year, most recently in 2021.

Boyd Market Center is located at 2800 SW 24TH Ave. in Ocala, a high growth retirement and equestrian community with 382,000 residents that has experienced more than 15 percent population growth since 2010. Boyd Market Center is in the middle of the only major retail hub in more than 30 miles and is shadow anchored by an adjacent multi-national discount retailer's supercenter.

The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt, Director Michael Brewster and Analyst Eric AmRhein.

"The sale of Boyd Market Center showcases that there is incredibly strong demand by investors for high-quality, non-grocery anchored investments," Peterson said. "We received 15 offers from qualified investors that really liked the Ocala MSA growth story, high levels of customer traffic, long-term quality-anchor leases and below-market existing tenant rents."

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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