Demetree Global acquires Hannibal Square mixed-use property in Winter Park, Florida
In a significant move, Demetree Global has successfully acquired Hannibal Square, a prominent mixed-use property in Winter Park, Florida, for a total of $55.3 million. This acquisition encompasses nine buildings and 168,741 square feet of space across multiple addresses on West New England Ave and 402 West Welbourne Ave. Situated within walking distance to Park Avenue/Downtown Winter Park and Rollins College, the property attracts a varied demographic, including residents, students, and visitors.
Hannibal Square combines historical architecture dating from 1953 with modern amenities, featuring 103 residential units and 92,034 square feet of commercial space. The latter is fully leased, housing boutiques, salons, popular eateries, and office spaces. This mix not only enhances the local business ecosystem but also provides convenience for residents.
Corey Dean, Director of Development and Acquisitions at Demetree Global, remarked on the acquisition, stating, “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.” This strategic acquisition highlights Demetree Global’s commitment to expanding their portfolio in key markets.
Seth Heller, Managing Partner of Demetree Global, emphasized the local significance of the acquisition: “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.” The company’s headquarters, located just blocks away, provides them with local expertise and proximity crucial for managing the property and transitioning commercial leases to NNN.
Looking ahead, Chairwoman Mary Demetree plans to capitalize on the prime location and mixed-use potential of Hannibal Square. The leadership aims to drive growth and diversification through selective renovations and operational enhancements by leveraging their in-house property management team. 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.