Orlando — PREIT sold the property for $35 million.
Orlando — Pennsylvania Real Estate Investment Trust (PREIT) has sold the 1.1 million-square-foot Orlando Fashion Square Mall for $35 million in cash. The mall is anchored by Dillard’s, JC Penney, Macy’s and Sears. Other tenants at the center include Champs, Charlotte Russe, Express, Panera Bread, Olive Garden and an all-digital movie theatre. Jim McNeil and Jeff Wieland with Akerman Senterfitt’s real estate practice group represented the buyer, UP Development Inc., in the transaction.
“The Orlando retail property market is slowly rebounding,” says McNeil. “Fashion Square was one of the first to suffer from the recession, and it is one of the first to come back. It will be a focal attraction not just to local residents and tourists, but national retail tenants a well. Our conversations with the city of Orlando and the tenant base are sure to revitalize Fashion Square.”
The 40-year-old property was last redeveloped more than a decade ago. UP Development plans to renovate the retail space, but has not yet finalized plans.