Orion pays $13.5m for single-tenant retail pads in Orlando
Orion Real Estate Group paid $13.5m for three newly constructed single-tenant retail pads in Orlando. Completed in 2018, the three outparcel pads are located across the street from the Orlando International Premium Outlets and are home to Starbucks, LongHorn Steakhouse and Bahama Breeze. JLL marketed the properties on behalf of the seller, a partnership between North American Properties and institutional investors advised by J.P. Morgan Asset Management.
“The outparcels at Grand National are located in the highest-grossing tourism market and one of the best retail trade areas in the United States,” said Michael Brewster of JLL. “Since 2018, over a billion dollars of real estate investment has poured into the three-mile radius surrounding the assets, culminating in high-quality, institutional-caliber developments like the outparcels at Grand National.”