{"id":1004720251,"date":"2024-07-08T06:11:56","date_gmt":"2024-07-08T14:11:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004720251"},"modified":"2024-07-08T06:13:11","modified_gmt":"2024-07-08T14:13:11","slug":"demetree-global-pays-55m-for-mixed-use-metro-orlando-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/demetree-global-pays-55m-for-mixed-use-metro-orlando-asset\/","title":{"rendered":"Demetree Global Pays $55M for Mixed-Use Metro Orlando Asset"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/810148-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004720252\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/demetree-global-pays-55m-for-mixed-use-metro-orlando-asset\/810148-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/810148-1.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Demetree_Hannibal_Square\" data-image-description=\"&lt;p&gt;Property at 444 W. New England Ave., Winter Park, Fla.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The ground floor of the multifamily properties contains retail space. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/810148-1.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/810148-1.jpg\" alt=\"Property at 444 W. New England Ave., Winter Park, Fla.\" class=\"wp-image-1004720252\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/810148-1.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/810148-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/810148-1.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">The multifamily buildings&#8217; ground floor includes retail space. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Demetree Global has purchased Hannibal Square, a nine-building, 168,741-square-foot mixed-use asset in Winter Park, Fla., for $55.3 million. CommercialEdge identified the seller as Owens Realty Services. The property encompasses 92,034 square feet of retail and office space, as well as 76,707 square feet of residential space across 103 units.<\/p>\n\n\n\n<p>Demetree had also acquired The Plaza at Hannibal Square last year, from the same seller. The two-building asset, which totals 103,493 square feet, sold for $20.6 million.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/coffee-auto-discount-retailers-in-growth-mode\/\">Coffee, Auto, Discount Retailers in Growth Mode<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Completed between 1953 and 2009, the 100 percent-leased commercial space includes boutiques, salons, restaurants and office spaces. Demetree plans to enhance the properties by performing selective renovations and operational upgrades. Moreover, the company will transition all commercial leases to triple net.<\/p>\n\n\n\n<p>Located at multiple addresses along West New England Avenue, the buildings are within walking distance of downtown Winter Park, where an Amtrak station and an 11-acre park can be found. Downtown Orlando, Fla., is some 4 miles southwest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-metro-orlando-s-retail-market-shows-little-growth\">Metro Orlando&#8217;s retail market shows little growth<\/h2>\n\n\n\n<p>At the end of the first quarter, Orlando\u2019s retail advertised rates spiked by 6.2 percent year-over-year, according to a report by Cushman &amp; Wakefield. Despite this robust growth, the demand was lackluster; roughly 451,000 square feet were leased during the same period, marking a 44.7 percent decrease over the year, the report also shows.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield pinned this absorption decline on a lack of quality retail space in the area. Such space is in high demand for <a href=\"https:\/\/www.commercialsearch.com\/news\/charting-luxury-retails-course-in-the-new-economy\/\">luxury retail<\/a> brands that are bolstering their nationwide brick-and-mortar presence.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property&#8217;s commercial space was fully leased at the time of sale. <\/p>\n","protected":false},"author":3471,"featured_media":1004720252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21752,21742,1493,21749,32781],"tags":[36351,32859],"class_list":["post-1004720251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-mixed-use","category-latest","category-orlando","category-retail","category-southeast","tag-capital-improvement","tag-owens-realty"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Demetree Global Pays $55M for Mixed-Use Metro Orlando Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Demetree Global has bought Hannibal Square, a mixed-use asset in Winter Park, Fla. Owens Realty Services sold the property for $55.3 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/demetree-global-pays-55m-for-mixed-use-metro-orlando-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demetree Global Pays $55M for Mixed-Use Metro Orlando Asset\" \/>\n<meta property=\"og:description\" content=\"Demetree Global has bought Hannibal Square, a mixed-use asset in Winter Park, Fla. 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