Tavistock sells its share
of Lake Nona Landing shopping center for $52.4 million.
Tavistock has sold two parcels of the Wal-Mart-anchored Lake Nona Landing shopping center for $52.4 million.
The buyer is a subsidiary of California-based Clarion Partners, a real estate investment firm that says it has $42.8 billion in total assets under management.
Developed by Tavistock along Narcoossee Road just south of State Road 417, known as the Greeneway, Lake Nona Landing includes 52 acres. The sale to Clarion includes most of that, minus the Sam’s Club and a few small outparcels.
The shopping center has 596,000 square feet of retail, restaurants and office space. The two big-box stores brought new “store-of-the-future” features to Lake Nona upon opening in January 2017.
Other tenants include: TJ Maxx, Pet Smart, PDQ, Grown, AT&T, Chili’s, Dunkin Donuts, Firehouse Subs, GNC, Lee Nails & Spa, Lowe’s, Pollo Tropical, UPS, Jeremiah’s Italian Ice, Rise Pies Handcrafted Pizza, Panda Express and T-Mobile.
Clarion says it has 300 institutional investors, both domestic and international, and expertise in equity and debt structures.
The sale is coming near the year’s end, as some real estate companies look to take advantage of tax-credit programs that will be phased out by the recently passed GOP tax reform package.
Lake Nona is a 17-square-mile master-designed community just southeast of Orlando International Airport that includes homes; sports facilities, such as the USTA’s New Home of American Tennis, billed as the largest tennis facility in the world, and Orlando City Soccer Club training operations, including Orlando Pride and Orlando City B; planned resorts; and Lake Nona Medical City, home to a Nemours children’s hospital, University of Central Florida’s medical school campus, a VA hospital and a research facility that Sanford Burnham Prebys plans to leave.
Other developments coming to the area include a $400 million training center for accounting and consulting firm KPMG and a large new distribution facility for Amazon.