Winter Park Retail Center Is on the Market

Tuesday, March 13, 2018

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Center of Winter Park, a 244,984-square-foot community center located at the No. 1 retail intersection that caters to Winter Park, the most affluent residents in north Orlando. The retail property for sale has strong NOI growth potential and is in a position to provide unparalleled income stability for a new owner.

Completed in 1964 and renovated in 2017, Center of Winter Park is located at 501 North Orlando Avenue in Winter Park, which reports some of the most outstanding demographics in the Orlando MSA.  Approximately 32,200 residents earning an average household income of $127,000 live in Winter Park, and more than 84,000 people with an average household income of $109,515 live within a three-mile radius of the retail property for sale. Additionally, more than 1,600 new multi-housing units under construction within a three-mile radius.

Retail Property for Sale Investment Highlights

  • Most Dominant North Orlando Retail Intersection:  The No. 1 grocery, entertainment, restaurant, wellness and off-price retail intersection catering to Winter Park, the most affluent residential community in north Orlando. A high-performing Whole Foods Market, Trader Joes and recently remodeled Publix anchor the immediate area and promote cross-shopping with the Center of Winter Park. Additionally, the immediate trade area features extremely high barriers-to-entry with land sales exceeding $2 million per acre, and average retail occupancy is greater than 99 percent. Due to extreme barriers-to-entry, the intersection has the highest tenant demand, which results in some of the highest retail rents in the Orlando MSA.  Anchor rents exceed $20 per square foot, inline shop rents exceed $45 per square foot and outparcel shop rents exceed $65 per square foot.
  • Unparalleled Income Stability:  Center of Winter Park features an unparalleled 10.3 year weighted average anchor lease term, and 64 percent of revenue from category leading anchors are already proven operators at the retail property for sale or in the Trade Area, or who have recently opened with strong sales. LA Fitness, Michaels and Office Depot are successful and long-tenured anchors at the property that recently re-cast with new long-term leases and refreshed store templates. Ross Dress for Less relocated from 1.7 miles west of the property and opens in March 2018. Marshalls, HomeGoods, Petco, DSW and Five Below are all category-leading retailers that signed new long-term leases and have indicated strong sales performance since opening.
  • Strong NOI Growth Potential:  In addition to all new anchor leases and unparalleled stability at the retail property, there is also tremendous upside and NOI growth potential with an achievable CAGR of three percent. The property, which is 96.9 percent leased, has contractual rent bumps, and a new owner could lease-up the 7,500 square feet of vacant space. There is also an opportunity for the mark-to-market of the Olive Garden or the 22,585 square feet of below-market shops in addition to parcel redevelopment or the purchase and redevelopment of the dental office parcel not included in CAGR.

For more information on Center of Winter Park or any other retail properties for sale, please contact Brad Peterson or Whitaker Leonhardt in HFF’s Orlando office.  To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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