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.
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
[email protected]
SOURCE Demetree Global