WINTER
PARK, Fla., July 3, 2024
/PRNewswire/ -- Demetree Global is thrilled to announce the
acquisition of Hannibal Square, a prominent mixed-use property
located in the heart of Winter Park,
FL. The transaction, valued at $55.3
million, includes nine buildings encompassing 168,741 square
feet of space. The property spans multiple addresses on West New
England Ave, as well as 402 West Welbourne Ave, and is ideally
situated with walkable access to Park Avenue/Downtown Winter Park and Rollins College, attracting a diverse range of
residents, students, and visitors.
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Built between 1953 and 2009, Hannibal Square seamlessly blends
historical charm with modern amenities. The property features 103
residential units totaling 76,707 square feet, with an average unit
size of 745 square feet. Additionally, it includes 92,034 square
feet of commercial space divided into retail and office segments,
fostering a dynamic, tenant-friendly environment. The commercial
tenants comprise a 100%-leased roster, featuring boutiques, salons,
popular restaurants, and office spaces. This unique mix enhances
the local business ecosystem and offers exceptional convenience to
the residents.
Demetree Global's strategic acquisition of Hannibal Square
highlights their dedication to expanding their portfolio in key
markets. "Hannibal Square is an irreplaceable piece of real estate
in the heart of Winter Park's
downtown, capturing the essence of one of Florida's most prosperous markets," said
Corey Dean, Director of Development
and Acquisitions at Demetree Global.
With their headquarters just a few blocks away, Demetree
Global's local expertise and close proximity will be pivotal in
managing the property and seamlessly transitioning all commercial
leases to NNN. Reflecting on this strategic advantage, Seth Heller, Managing Partner of Demetree
Global, said, "By adhering to our co-founder Bill Demetree's vision and focusing on the
diamonds in our backyard, we continue to strengthen our community
and our holdings."
As part of Chairwoman Mary Demetree's forward-looking
vision, Demetree Global aims to capitalize on Hannibal Square's
prime location and mixed-use potential to drive growth and
diversification. The leadership plans to leverage their in-house
property management team to undertake selective renovations and
operational enhancements, further elevating the property's appeal.
This acquisition not only aligns with Demetree Global's expansion
strategy but also promises to enrich the Winter Park community by fostering local
businesses and providing high-quality residential options.
About Demetree Global (DG): The Demetree Organization has
been a pioneer in the central Florida market for over 75
years. As one of the oldest and most active multi-strategy family
offices, it has recently transformed into a private equity
institutional operation. The various divisions of the Demetree
organization include Real Estate, Ventures, and Capital. Demetree
has a rich history in Land Development, Construction, Commercial
Real Estate, Rentals, and Brokerage Services. The growth and
prosperity of Demetree contribute to its mission and goal of
putting the community first. As the company continues to evolve, it
adds various internal and external services that facilitate growth
in the city and the community.
For information on Demetree Global, please
visit www.demetreeglobal.com.
Press Contact: Jessica Santoli
Marketing and Communications Director
Demetree Global
Direct: (407) 422-8191
JSantoli@demetreeglobal.com
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SOURCE Demetree Global