Oak Grove Shoppes

Oak Grove Shoppes

Oak Grove Shoppes

Orlando

Acquisition date: January 2025

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Occupancy Rate

91%

Square feet acquired

142,000

Market

Orlando, FL

Property Sector

Community Shopping Center

Newly redeveloped grocery-anchored shopping center in Orlando, FL

Overall thesis:

  • Open-air shopping centers at highest occupancy level in 16 years(1)

Property/Market highlights:

  • 142,000 square foot, grocery-anchored shopping center that was redeveloped in 2023
  • Oak Grove is anchored by a new 48,000 square foot Publix grocery store and a recently opened Marshalls along with tenants in the food, healthcare and childcare industries
  • Orlando ranks in the top 10 U.S. cities for five-year population and job growth, outperforming U.S. averages by 3.6x and 2.2x respectively(1)
  • Submarket boasts 94% retail occupancy rate and 7.5% year- over-year retail rent growth(2)

Operating partner:

  • Phillips Edison & Company, Inc. (PECO), a listed REIT manager and one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers

Publix-Anchored Shopping Center in Orlando, FL 

Oak Grove Shoppes is a 142,000 square foot grocery-anchored, open-air shopping center that was redeveloped in 2023. Located in the Altamonte Springs submarket, the property is nine miles from downtown Orlando and proximate to the Interstate 4 interchange. The center is 91% leased and is anchored by a 48,000 square foot Publix grocery store that opened in 2023 and a recently-opened Marshalls along with an array of tenants in the food, healthcare and childcare industries.

The property benefits from the high-growth Orlando market, which ranks in the top 10 U.S. cities for five-year population and job growth and has outperformed U.S. averages by 3.6x and 2.2x respectively[1]. The city has approximately 2.8 million residents, making it the 22nd largest metropolitan statistical area in the U.S., and attracts 74 million visitors annually[2]. As a result, the Altamonte Springs submarket boasts strong fundamentals, including a 94% retail occupancy rate and 7.5% year-over-year retail rent growth[3].

“We believe Oak Grove Shoppes is well-positioned to continue benefiting from its best-in-class infill location in a high-growth market, anchor tenant and the surging demand for retail space with access to the necessity-driven traffic that a strong grocer generates. We look forward to growing our partnership with Phillips Edison & Company, one of the most-skilled operators of grocery-anchored shopping centers.

James S. Corl, Chief Executive Officer of CNSREIT and Head of the Private Real Estate Group at Cohen & Steers
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