Reedy Plaza Shopping Center
31,692 SF | 100% Leased | Retail Building | Orlando, FL 32817 | $8,750,000 ($276/SF) | 6.65% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $8,750,000
- Property Type
-
Retail
- Square Feet
- 31,692 SF
- Price / Square Foot
- $276
Listing Contacts
Ameer Diab
Verified Profile
- Property Info
Property Overview
Investment opportunity to acquire a fully leased shopping center in high-demand Orlando, FL. The property is located along one of Orlando's major highways, FL-50 (E Colonial Dr), and is only 3 mi from the University of Central Florida. This asset presents strong fundamentals for a CRE investor, with strong cash flows, largely triple-net leases with over 5 yrs remaining, and internet-resistant / recession-resistant tenants: over 1/3 of the gross leasable area is leased by corporate-guaranteed Napa Auto Parts and Rent-A-Center, with the balance leased to successful restaurants, services and discount retailers, all backed by personal guarantees. Most space in the center is divided into economic-sized units, making them easier to lease in the future.
The center has long catered to its community, the thousands transiting daily on Hwy 50 and the nearly 100,000 higher-education students within 3 mi of the property. It was renovated in 2016 and has seen further improvements since.
Major Value Add Opportunity in way of Property's ~1-Acre Vacant Outparcel.
The center has long catered to its community, the thousands transiting daily on Hwy 50 and the nearly 100,000 higher-education students within 3 mi of the property. It was renovated in 2016 and has seen further improvements since.
Major Value Add Opportunity in way of Property's ~1-Acre Vacant Outparcel.
Property Details
- Class
- C
- Year Built/Renovated
- 1984/2016
- Stories
- 1
- Property Subtype
- Storefront
- Lot Size (sq. ft)
- 172,498 SF
Highlights
- 100% Occupancy - All NNN Leases*, mostly 5-10 yrs remaining. *Napa Auto has annual increase caps on repairs and maintenance.
- Substantial Hwy Frontage - 57,000 CPD on Hwy 50
- Key national, corporate credit tenants Napa Auto Parts and Rent-A-Center (RAC) comprise 37% of GLA
- Tenants are a mix of internet-resistant restaurants, services, value and national retailers
- Close proximity to University of Central Florida (70,000 students), 2nd largest university in US, and Valencia College main (21,000 students)
- Directly across from Aldi, Bravo supermarket, McDonalds, KFC, Dollar Tree, Dollar General, Scooter’s Coffee - Walmart is 1 mi away
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