The Springs Plaza shopping center in Longwood, shadow-anchored by Publix, was recently sold to Cincinnati-based real estate investment firm Last Mile Investments for $20.5 million, according a deed filed in Seminole County this week.
Built in 1979 and renovated in 2024, the 67,500-square-foot retail plaza is home to a range of tenants that include Banfield Pet Hospital, First Watch, Foxtail Coffee Co., Jersey Mike’s Subs, Tropical Smoothie Café and more. Outparcels occupied by Regions Bank and Jeremiah’s Italian Ice were also included in the sale.
The sellers in the transaction — a joint venture between Baltimore-based MCB Real Estate, Charlotte-based Faison Enterprises, Inc. and Crossmarc Services, LLC in Winter Park — were represented by Brad Peterson, Michael Brewster and Tommy Isola of Colliers.
“This offering was very competitively chased by a diverse profile of investment capital from 1031 investors and private families to today’s leading institutional investors seeking essential and convenience strip centers,” Isola said.
The property was 98.2% occupied at the time of the sale earlier this month and sees about 84,000 vehicles per day on average, according to Colliers.
The 67,500-square-foot Springs Plaza retail shopping center in Longwood was recently sold to Cincinnati-based Last Mile Investments for $20.5 million. (Photo provided by Colliers)
“You have a lot of traffic circulation here because you’re on Wekiva Springs Road, you’re at [State Road] 434, and so everything sort of funnels together here at the center,” Peterson, vice chairman at Colliers, said. “On three of the four sides of the center, you have really good traffic flow and, for that reason, it’s widely accessible and a lot of people drive by it and shop here.”
The Publix was not included in the sale, according to Peterson, with Last Mile seeking the benefits of having a Publix next door with better pricing than if the Publix were included in the sale.
Peterson said he doesn’t expect many changes within the plaza as Last Mile takes over, the current tenant mix serving as a familiar site for residents and visitors to do their shopping.
“When you’re buying spaces like this, the intent isn’t to change all the tenancy because a lot of these tenants have been here a long time and they’re very well-liked by the community,” he said. “You want them to stay, you want them to keep moving along. I don’t think the intent is to go in and make drastic changes.”
With a tiny interior courtyard area located between several of the businesses, Peterson said the plaza is also a “great central place for people to congregate” beyond visiting specific stores or restaurants.
“This transaction underscores the continued strength of the Orlando retail market and the appeal of high-quality, well-located assets,” he said. “Springs Plaza’s exceptional tenant mix, strong leasing history and prime location position it for long-term success.”
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