Faris Lee Investments Completes $21.89 Million Sale of The Trails Shopping Center in Ormond Beach, FL
IRVINE, Calif., June 29, 2018 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $21.9 million sale of The Trails Shopping Center, a 135,286-square-foot Publix-anchored retail property in Ormond Beach FL, a city within the greater Orlando-Deltona-Daytona Beach region.
Faris Lee Investments President and CEO Richard Chichester, Senior Managing Partner Donald MacLellan and Senior Managing Director Shaun Riley of Faris Lee Investments represented the buyer, New York, NY-based ShopOne Centers REIT, Inc., as well as the Irvine, CA-based seller, Sabal Financial Group, LP – Slate Trails Holdings LLC.
Originally built in 1978 with a major renovation completed in 2017, The Trails Shopping Center is situated on approximately 19 acres at 282 N. Nova Road. The well-located Mediterranean-themed property is named after the affluent residential community that surrounds it. In addition to Publix, which has been at the center for more than 40 years, other tenants include The UPS Store, The LOFT, Chico’s, Sprint, White House Black Market, Talbots and Dairy Queen among others. The property is 77 percent occupied.
“Although there were multiple offers submitted, the key to closing the transaction was sourcing ShopOne who was an all-cash buyer with a strong relationship with Publix,” said MacLellan.
Riley added: “While this shopping center is the dominant location within the trade area, the high-performing Publix still operates from the smaller 1970’s store footprint. ShopOne now has an ideal opportunity to reposition the asset by providing Publix with a new, larger store format, which will significantly change the look and dynamics of the center to increase occupancy and overall value.”
The demographics are strong with more than 44,000 residents and approximately 22,000 employees within a three-mile radius. The center also benefits from residential growth now underway across the street that includes a 286-unit senior community, Ormond Renaissance, and Antares, a 123-unit assisted living community.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.
Faris Lee is also strategic partner with X Team Retail Advisors, an integrated platform of retail real estate specialists that offers coverage in 40 major markets across the United States and Canada encompassing more than 265 professionals. X Team provides specialty expertise in tenant, property and developer/landlord representation, property dispositions and retail investments.