Phillips Edison Pays $69M for Orlando-Area Property
This is the largest single-asset retail acquisition in Seminole County's history.
Phillips Edison & Co. has purchased Alafaya Square, a 168,532-square-foot, grocery-anchored retail property in Oviedo, Fla. The firm paid $69.1 million for the asset, Seminole County records show.
JLL represented the seller, a joint venture between MCB Real Estate and an institutional investor. The transaction represents the largest single-asset retail acquisition in the county’s history.
Phillips Edison & Co. owns and operates grocery-anchored shopping centers across the U.S. As of June 2026, the company’s portfolio included 302 wholly owned properties totaling 33.9 million square feet in 31 states.
A grocery-anchored shopping center near Orlando
Alafaya Square entered MCB’s portfolio earlier this year, when the firm acquired Epic Real Estate Partners. At the time, Epic’s holdings totaled about 2.2 million square feet across 15 properties in 10 states.
The retail property occupies 21 acres at 81 Alafaya Woods Blvd., within the East Seminole commercial corridor. The asset is adjacent to State Road 434, in an area close to the University of Central Florida. Downtown Orlando, Fla., is 19 miles away.
Publix anchors the 1987-built shopping center that was 96 percent leased at the time of sale. The roster also includes various national and regional retailers, such as Planet Fitness, IHOP, Keller Williams and Froggers Grill & Bar.
JLL Executive Managing Director Danny Finkle and Senior Director Jorge Portela, along with Associate Evan Lahr, negotiated on behalf of the seller.
Orlando retail deal volume climbs
Investment activity across Orlando’s retail sector remained resilient during the first half of 2026, according to a report by Cushman & Wakefield. Total sales reached $430 million in the second quarter of the year, bringing the metro’s year-to-date dollar volume to $950 million. The figure marks a 67.5 percent jump from the first half of 2025.
The retail transaction activity amounted to $4 billion since 2023, placing Orlando among the top 15 U.S. markets, the report also shows. The metro is sustained by healthy consumer spending, a strong tourism industry and steady household growth, coupled with supply constraints and consistent rent gains, all of which will drive further growth by year-end.
Notable 2026 deals include CBL Properties’ $78.5 million sale of an open-air shopping center in West Melbourne, Fla. The buyer also assumed a $43.8 million loan.
In May, 11North Partners paid $59.5 million for West Town Corners, a 284,497-square-foot commercial center in Altamonte Springs, Fla. The transaction was part of a $300 million portfolio acquisition that also included properties in Texas, California and Virginia.
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