JLL CAPITAL MARKETS, as exclusive broker, is pleased to offer the exceptional opportunity to acquire Millenia Plaza, a 411,503 SF core, super-regional, open-air center located along Interstate-4 in the heart of one of the most successful retail trade areas in the United States. Millenia Plaza offers the unique combination of an unparalleled location, best-in-class tenancy, and significant value-creation potential.
MILLENIA - TOP 10 RETAIL TRADE AREA IN UNITED STATES
- Anchored by the 1.2M square foot A++ Mall at Millenia the #10 highest producing mall in the U.S. with sales exceeding $1,600 PSF
- The Mall at Millenia features the world’s leading ultra-luxury retailers including Bloomingdales, Neiman-Marcus, and Macy’s, which attract the highest demographic residents in Central Florida and the 75 million annual visitors that visit the nearby theme parks.
- Millenia trade area features a 140,000 SF SuperTarget and a 309,000 SF IKEA Superstore which drive the sensational level of activity and dominance of this super-regional retail trade area.
- Expansive, most geographically central and accessible retail trade area in all of Orlando. Located 5.0 miles south of downtown Orlando with unobstructed visibility to Interstate-4 which has 185,000 vehicles per day.
- Millenia Plaza (411,503 SF) is shadow anchored by SuperTarget (139,987 SF) and Millenia Plaza II (156,052 SF) which create the largest, most prominently located, open-air retail center in Central Florida.
- Millenia Plaza has the most highly visible, iconic positioning with large anchor fascade tower elements and unparalleled signage along Interstate-4.
COVERED LAND PLAY WITH MASSIVE MARK TO MARKET POTENTIAL
- Nearby land comps exceed $2.0 million per acre, which when applied to the 38-acre Millenia Plaza, support a land value exceeding $76 million.
- Current rents are nearly 30% below market rent, which translates to over $1.9 million in below market rent embedded at the Property
BELOW-MARKET GROUND LEASES WITH STRONG PERFORMING NATIONAL TENANTS
- Home Depot (S&P: A) and BJ’s Wholesale (S&P: BB) occupy significantly below-market ground leases on separate tax parcels
- 99% of the revenue and GLA at Millenia Plaza is from category-leading national retailers