OWENS REALTY SERVICES ANNOUNCES SALE OF NINE BUILDINGS IN WINTER PARK'S HANNIBAL SQUARE TO DEMETREE GLOBAL

Winter Park, FL – [July 23, 2024] – Owens Realty Services is pleased to announce the successful sale of Hannibal Square I and II to Demetree Global. The transaction highlights Owens Realty Services' strategic investment and commitment to enhancing the value of its properties, delivering significant returns for its investors.

Hannibal Square I, comprising properties at 444 W New England Ave and 362 S. Pennsylvania Ave, was sold for $20,700,000. This property features 31 apartments totaling 25,708 square feet, 20,000 square feet of office space, 25,000 square feet of retail space, and a 249-space 7-story parking garage. Owens Realty Services acquired Hannibal Square I in 2012 for $10,150,000, reflecting a significant appreciation in value.

Hannibal Square II, which includes properties at 400, 430, 433, 535, 463 & 558 W New England Ave and 402 W Welbourne Ave, was sold for $34,700,000. This property boasts 72 apartments totaling 51,000 square feet, along with 67,000 square feet of office, retail, and restaurant space across seven buildings. Owens Realty Services acquired Hannibal Square II in 2016 for $28,175,000. The total combined square footage of both properties amounts to 188,708 square feet, with a price per square foot of $293.57.

Winter Park, known for its rich history, beautiful parks, and vibrant community, is one of Central Florida's most desirable locations. Hannibal Square, in particular, stands out for its blend of residential, commercial, and retail spaces along the I-4 corridor, creating a unique and dynamic urban environment. Owens Realty Services recognized the potential of this area early on and invested strategically in 2012 to maximize its value.

Owens Realty Services acquired Hannibal Square I and II with a clear vision to enhance and expand the mixed-use potential of these properties. Through thoughtful management, strategic enhancements, and a commitment to quality, Owens Realty Services successfully increased the value and attractiveness of these assets, including navigating COVID-19 inflicted tenant turnover.

The decision to sell Hannibal Square I and II at this time reflects Owens Realty Services' strategy to capitalize on the significant appreciation of these properties as well as the current market trends. The impressive sales prices of $20,700,000 for Hannibal Square I and $34,700,000 for Hannibal Square II underscore the success of Owens Realty Services' investment strategy and a substantial return for their investors.

"This transaction is a testament to our strategic vision and commitment to maximizing the value of our investments. Our team's dedication to enhancing these properties has resulted in significant returns for our investors, and we are excited to see the continued growth and development of Hannibal Square under Demetree Global's stewardship. The timing of this sale aligns perfectly with our strategy to capitalize on favorable market conditions, allowing us to reallocate resources to new opportunities and continue delivering exceptional value to our stakeholders." – Bob Owens, President and CEO

Contact: Palmer Vietor, Vice President, Owens Realty Services
Phone: 240.506.2627 Email: pvietor@owensrealtyservices.com