The new, corporate-guaranteed NN leases for all three tenants provide for a quality investment with minimal landlord responsibilities and additional built-in base term increases and options to renew. Orlando Health has spent more than $1 million (estimated) on improvements to their site. The service-based businesses yield an added security with Internet-proof tenancy. Additionally, Florida has no state income tax.
The property benefits from a prominent, signalized corner location within Orange City’s main retail sector. The multi-tenant site is an outparcel to a 127,891-square-foot Target and is located across from a 107,000-square-foot Publix-anchored shopping center, as well as a Wawa. The property is adjacent to the 120,000-square-foot Saxon Crossing Shopping Center anchored by Hobby Lobby and L.A. Fitness (which is shadowed by Lowe’s). There is a growing development commitment to the area with AdventHealth Fish Memorial’s $100 million tower expansion less than one mile from the property.
The property has strong population and traffic counts, with nearly 100,000 people living within five miles of the site and a combined 35,900 cars passing daily. Close proximity to Interstate 4 and U.S. Highway 17 add an additional 137,000 cars daily. Orange City is centrally positioned within 30 miles of both Orlando and Daytona Beach, both major tourist destinations that attract millions of visitors each year.