Grocery-anchored retail center near Orlando sells

ORLANDO, June 13, 2022 – JLL Capital Markets announced today that it has closed the sale of Barclay Place, an 84,899-square-foot, Save-a-Lot-anchored retail center in Lakeland, Florida.

JLL marketed the property on behalf of the seller, Phillips Edison & Company, Inc. (“PECO”). A private shopping center investor with a strong track record for acquiring and owning similar properties purchased the asset.

Barclay Place is anchored by Save-a-Lot, the second-largest discount grocer in the U.S. The 96.6-percent-leased center is also home to Dollar General, Wild Greg’s Saloon, Bob’s Carpet Mart, Great Rooms, Liberty Tax Service, Enterprise Rent-A-Car, Jet’s Pizza and Greenberg Dental & Orthodontics. The center first opened in 1973, with the most recent renovations occurring in 2017.

Positioned on 7.1 acres at 4825-4997 US Highway 98, Barclay Place is in Lakeland, a growing e-commerce hub. The center is in the most dominant retail node (US-98) within the city and the only Save-a-Lot location north of Interstate 4. The center also serves a growing trade area anticipated to add 7.8 percent to its current population of 66,139 residents within a three-mile radius before 2025.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Brad Peterson and Senior Director Whitaker Leonhardt.

“Lakeland is known as the booming logistics hub of Florida, and it seems like there is another massive e-commerce fulfillment center starting construction along the Interstate 4 corridor quarterly,” Peterson said. “The sale of Barclay Place demonstrates that grocery-anchored investments, and, specifically, those that are well-located with below-market rents with a value-oriented merchandise mix are in high demand.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Phillips Edison & Company, Inc. (“PECO”), an internally managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. Founded in 1991, PECO has generated strong results through its vertically integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Ahold Delhaize and Albertsons. As of March 31, 2022, PECO manages 290 shopping centers, including 269 wholly owned centers comprising 30.8 million square feet across 31 states, and 21 shopping centers owned in two institutional joint ventures. PECO is exclusively focused on creating great omni-channel grocery-anchored shopping experiences and improving communities, one shopping center at a time.