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JLL Capital Markets, as exclusive broker, is pleased to offer the excellent opportunity to acquire Wekiva Square, a 175,175 square foot community center anchored by a strong performing, ground leased Kohl’s, HomeGoods and Dollar Tree that is situated at the highly coveted, market dominant intersection of State Road 436 & 434 in Altamonte Springs, Florida: a dense, good income suburb of the Orlando MSA.
Strong Performing Grocery & Investment Grade National Anchor Line-Up
- Overall, 72.4% of GLA and 58.6% of Revenue is derived from best-in-class, investment grade national anchors Kohl’s (S&P: BBB-), HomeGoods (S&P: A) and Dollar Tree (S&P: BBB).
- Kohl’s has a separately parceled ground lease with low rent and ranks in the top 10% of most visited Kohl’s locations in Florida (#5 out of 50 locations).
- HomeGoods has renewed twice and has very good sales and a low 4.7% health ratio.
- Dollar Tree has renewed twice and ranks in the top 14% of most visited Dollar Tree locations in Florida (#71 out of 503 locations).
- Catering to more of a Hispanic customer base, local 10-unit grocer Fancy Fruit has strong sales and a favorable 2.7% health ratio.
- Separately parceled San Jose Mexican Restaurant, a successful 6-unit operator on a new 10-year ground lease is included in the sale.
- 10-year projected compounded annual growth rate (“CAGR”) of 2.6%.
- Below-market rents provides an attractive investment basis far below replacement cost.
Highly Trafficked, Dominant 24-Lane Retail Intersection in Orlando Suburbs
- Orlando, the fastest growing MSA in Florida, and 3rd fastest growing MSA in the US
- Located in Altamonte Springs, a fast-growing, dense, and affluent northern suburb of Orlando with 220,000 residents with an average household income exceeding $85,000 within a 5-mile radius of the Property.
- The Property is located at one of the most dominant signalized intersections (SR-436 / SR-434) in Orlando with 24-lanes and combined traffic counts of 115,000 VPD.
- The SR-436 / SR-434 retail node, is truly a “one-stop-shop” for consumers featuring leading big box tenants; Costco, Wal-Mart, Target, Home Depot and Lowes, and has one of the highest concentrations of furniture retailers in the Orlando MSA featuring: Rooms to Go, Ashley Furniture, American Signature Home, and El Dorado.