{"id":99724,"date":"2025-12-30T06:11:08","date_gmt":"2025-12-30T06:11:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/99724\/"},"modified":"2025-12-30T06:11:08","modified_gmt":"2025-12-30T06:11:08","slug":"publix-anchored-plaza-in-longwood-sold-to-joint-venture","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/99724\/","title":{"rendered":"Publix-anchored plaza in Longwood sold to joint venture"},"content":{"rendered":"

The Springs Plaza shopping center in Longwood, shadow-anchored by Publix, was recently sold to Cincinnati-based real estate investment firm Last Mile Investments<\/a> for $20.5 million, according a deed filed in Seminole County this week.<\/p>\n

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\u2019s Subs, Tropical Smoothie Caf\u00e9 and more. Outparcels occupied by Regions Bank and Jeremiah\u2019s Italian Ice were also included in the sale.<\/p>\n

The sellers in the transaction \u2014 a joint venture between Baltimore-based MCB Real Estate<\/a>, Charlotte-based Faison Enterprises, Inc.<\/a> and Crossmarc Services, LLC<\/a> in Winter Park \u2014 were represented by Brad Peterson, Michael Brewster and Tommy Isola of Colliers.<\/a><\/p>\n

\u201cThis offering was very competitively chased by a diverse profile of investment capital from 1031 investors and private families to today\u2019s leading institutional investors seeking essential and convenience strip centers,\u201d Isola said.<\/p>\n

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.<\/p>\n

\"TheThe 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)<\/p>\n

\u201cYou have a lot of traffic circulation here because you\u2019re on Wekiva Springs Road, you\u2019re at [State Road] 434, and so everything sort of funnels together here at the center,\u201d Peterson, vice chairman at Colliers, said. \u201cOn three of the four sides of the center, you have really good traffic flow and, for that reason, it\u2019s widely accessible and a lot of people drive by it and shop here.\u201d<\/p>\n

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.<\/p>\n

Peterson said he doesn\u2019t 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.<\/p>\n

\u201cWhen you\u2019re buying spaces like this, the intent isn\u2019t to change all the tenancy because a lot of these tenants have been here a long time and they\u2019re very well-liked by the community,\u201d he said. \u201cYou want them to stay, you want them to keep moving along. I don\u2019t think the intent is to go in and make drastic changes.\u201d<\/p>\n

With a tiny interior courtyard area located between several of the businesses, Peterson said the plaza is also a \u201cgreat central place for people to congregate\u201d beyond visiting specific stores or restaurants.<\/p>\n

\u201cThis transaction underscores the continued strength of the Orlando retail market and the appeal of high-quality, well-located assets,\u201d he said. \u201cSprings Plaza\u2019s exceptional tenant mix, strong leasing history and prime location position it for long-term success.\u201d<\/p>\n

Have a tip about Central Florida development? Contact me at jwilkins@orlandosentinel.com<\/a> or 407-754-4980. Follow GrowthSpotter on Facebook<\/a> and\u00a0LinkedIn<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"The Springs Plaza shopping center in Longwood, shadow-anchored by Publix, was recently sold to Cincinnati-based real estate investment…\n","protected":false},"author":2,"featured_media":99725,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[558,28,114,3573,139,141,140,480,14859,1014,21140],"class_list":["post-99724","post","type-post","status-publish","format-standard","has-post-thumbnail","category-orlando","tag-business","tag-florida","tag-latest-headlines","tag-longwood","tag-orlando","tag-orlando-headlines","tag-orlando-news","tag-real-estate","tag-retail-dining","tag-seminole-county","tag-seminole-county-developments"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/99724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=99724"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/99724\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/99725"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=99724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=99724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=99724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}