JLL and Intram Investments announced Dec. 14 that Intram’s affiliate, Martni Posner II, LLC has signed a lease with Hobby Lobby, represented by Katz & Associates, for a new 55,000-square-foot store to anchor Phase II of Posner Village — a 265,000-square-foot shopping center developed by Orlando-based Intram Investments Inc.
The national arts and crafts store chain will join an already strong tenant mix of brands at Posner Village including Bealls Outlet, Burlington, Marshalls, HomeGoods, Ulta Beauty, Five Below, Starbucks, Chipotle, First Watch and America’s Best Eyewear — all of which opened as part of phase I in September 2019.
JLL Senior Vice President Stacy Miller Menendez and Intram Investments, a real estate development and restaurant investment company, have teamed on this development since the property acquisition and underwriting in 2016
“Following successful pre-leasing efforts for Phase I, our client tasked JLL with finding an exciting, national brand tenant to anchor the second phase of the project,” explained Miller Menendez, who represented the owner in the lease negotiations. “With a significant amount of new housing introduced along the I-4 corridor and an increase in industrial product, resorts and vacation homes, that’s driving more and more traffic to the area, the addition of a Hobby Lobby made sense — with expectations that the permanent population will continue to grow.”
Located on U.S. Highway 27 with immediate access to Interstate 4, Posner Village has signalized entry at Posner Blvd. and boasts the strongest sales-per-square-foot in the trade area. Two out parcels remain available for ground lease as well as a future development pad for an anchor and additional retail.
Since its inception, Intram has provided significant returns for its investors, building relationships and partnering with the best in the business.
“We are thrilled with the success of Phase One of Posner Village and the tenant mix we were able to achieve,” said Rashid A. Khatib, President of Intram. “In many cases, the retailers don’t have another presence in Polk County. We are confident that the Hobby Lobby transaction will jumpstart the second phase of the development and look forward to bringing additional retail and dining options to the residents of the area.”
Hobby Lobby currently operates over 900 stores nationwide, including more than 50 stores in Florida.
“We offer a wide and ever-changing variety of craft and home decor products including many exclusive Hobby Lobby brands,” stated Kelly Black, Director of Advertising for Hobby Lobby. “First-time shoppers will be pleasantly surprised at the store size and the exceptional service provided by our trained associates.”