mount dora (orlando), florida
TRANSCRIPT
Exclusive OfferingTRI-CITIES SHOPPING PLAZAMount Dora (Orlando), Florida
Holliday Fenoglio Fowler, L.P. (“HFF”),as exclusive broker is pleased to offer the opportunity to acquire Tri-Cities Shopping Plaza, the 78,452 square foot investment-grade community center located in the booming retiree community of Mount Dora, Florida
TRI-CITIES SHOPPING PLAZA EXECUTIVE SUMMARY
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TRI-CITIES SHOPPING PLAZA
Lake Gertrude
Orlando 25 MILES
Lake Gertrude
- Approved - 64-Bed Certus Senior Living
OPENING SPRING 2018
12 SCREENS
TRI-CITIES SHOPPING PLAZA EXECUTIVE SUMMARY
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78,452SQUARE FEET
94.0% OCCUPANCY
2.5MMSA POPULATION
7.3 YearsAVERAGE ANCHOR TERM
13.2 ACRES
3 1 2
4 5 6 NC
-1
15 NC
-2
14
8 9 10 11 12
(44,000 VPD)US-441 S
EU
DO
RA
RD
500
441
TJ Maxx (S&P: A+) and Ross Dress for Less (S&P: A-) contribute 57% of the Property’s revenue. Combined with Dollar Tree the average anchor term remaining is 7.3 years, providing strong cash-flow stability well into the future.
Great store performance from Ross Dress for Less after opening in July 2015 and achieving a sub-8% health ratio in 2016.
Ross Dress for Less
Immediate upside in the lease-up of 4,700 square
feet of available space.
Immediate Upside
486 parking spaces results in an ample 6.2 spaces per 1,000 square feet.
Ample Parking
Papa John’s excellent store sales in 2016 resulted in a 3.6% health ratio and they expire in 2020 with no remaining renewal options, presenting an opportunity to push rent.
Papa John’s
Expiring in 2023 with only one remaining renewal option. Tenant has renewed 4 times.
KFC
Only 6.1% of the GLA expiring through 2022 and strong leasing momentum with 80% of the GLA leased since 2014. 3 tenants have been at the Property for more thant 17 years.
Low Tenant Rollover
Ross Dress for Less, TJ Maxx, and Dollar Tree backfilled a former Kmart, accompanied by a new facade, landscaping and renovated parking lot.
SEPARATELY PARCELED
SEPARATELY PARCELED
Investment-Grade Anchors
Newly Redeveloped
Unit Tenant SF
1 TJ Maxx 23,000 SF
2 Ross Dress for Less 25,500 SF
3 Dollar Tree 10,375 SF
4 Papa John’s 1,600 SF
5 China 8 Restaurant 1,200 SF
6 Available 2,000 SF
8 Uptown Nails 1,200 SF
9 Available 900 SF
10 Available 1,800 SF
11 Painting With a Twist 2,400 SF
12 LaRue Kay Salon 1,200 SF
14 KFC 2,280 SF
15 Lake Regional Urgent Care 5,000 SF
DEMOGRAPHICS
POPULATION 1-Mile 3-Mile 5-Mile Orlando MSA
2022 Projection 6,285 38,370 66,382 2,666,264
2017 Estimate 5,913 36,330 62,446 2,462,444
% Growth 2017-2021 6.3% 5.6% 6.3% 8.3%
HOUSEHOLD INCOME 1-Mile 3-Mile 5-Mile Orlando MSA
Average $57,424 $58,418 $64,241 $71,358
Median $39,860 $42,828 $45,897 $51,039
PROPERTY SUMMARYAddress: US Highway 441 & Eudora Road, Mount Dora, Florida 32757
GLA: 78,452 SF
Year Built / Ren: 1988 / 2015
Occupancy: 94.0%
Year 1 NOI: $839,000
Debt: Offered Free & Clear
300 S Orange AveSuite 1250
Orlando, FL 32801T 407.745.3900
h f f l p . com
WHITAKER [email protected] 407.745.3916
BRAD PETERSONSr. Managing [email protected] 407.745.3910
MICHAEL [email protected] 407.745.3911
THOMAS [email protected] 407.745.3936Holliday Fenoglio Fowler, L.P. (“HFF”) a Florida licensed real estate broker.
©2017 Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
HIGHLY DESIRABLE ORLANDO MSA LOCATION
• The Orlando MSA ranked #2 in the U.S. in terms of percentage job growth over the past year with an employment growth rate of 3.3% (national average was 1.5%).
• Orlando’s resident base of 2.5 million is expected to grow 8.3% over the next 5 years.
• Located in booming retiree community of Mount Dora with 40.1% of the residents aged 55+ within 5 miles, nearly 50% greater than the Orlando MSA average.
• Significantly extended customer drawing radius with the nearest Ross Dress for Less and TJ Maxx stores located 16+ miles away.
INVESTMENT SALES
N. ORANGE BLOSSOM TRAILN. ORANGE BLOSSOM TRAIL
S. BAY STREETS. BAY STREET
OLD US HWY 441 OLD US HWY 441
Lake DoraLake Dora
Lake Eust isLake Eust is
Lake Beauc la i rLake Beauc la i r
N. DUNCAN
DRIVE
N. DUNCAN
DRIVE
4419
3-MILE RADIUS
3-MILE RADIUS
EUSTIS PLAZA
LAKE HILLSPLAZA
DORA PLAZA
LOCH LEVEN LANDING
EUSTIS SQUARE S.C
SANDY RIDGE CROSSING
THE MARKETPLACE
Waterman
EUSTIS VILLAGE
SupercenterSupercenterMount Dora
Historic DowntownMount Dora
Historic Downtown
ORLANDO - 25 MILES
TRI-CITIES SHOPPING PLAZA
Opening Spring 2018
Available Anchor Pad48,000 SF
THE SHOPPES AT EUSTIS VILLAGE
PROPOSED 20,000 SF
TRI-CITIES SHOPPING PLAZA EXECUTIVE SUMMARY