Ground + Space announced today the sale of a SimonMed Imaging in Orlando, Florida. This property is a newly constructed 8,680-square-foot asset situated at a corner location off busy South Orange Avenue. Ground + Space Principal Michael Zimmerman exclusively marketed the property and represented the seller, a North Carolina-based real estate investment company. The property sold to a foreign investor for an attractive cap rate of 6.3 percent.
SimonMed Imaging is one of the largest medical outpatient medical imaging providers and physician radiology practices in the United States. With a history dating back over 30 years, SimonMed Imaging now boasts over 75 locations across the country. The corporate-guaranteed NNN lease offers ease of ownership with no landlord responsibilities. Additionally, the lease features two options to renew, along with scheduled rental increases throughout the base term and option periods. The service-based business yields an added security with an Internet-proof tenancy.
The property is ideally situated near the Sodo Orlando development, which has transformed a former industrial block into a thriving activity center with marquee retailers, luxury apartments, office space and restaurants. In addition, the site is near three major malls—including the Mall at Millenia—that report sales of over $1,000 per square foot. SimonMed Imaging benefits from daily traffic counts in excess of 36,429 and an area daytime population of more than 1.2 million people. Visitors to the SimonMed Imaging site have easy access to Florida’s Turnpike and Interstate 4, along with all the many world-renowned tourist locations in and around Orlando.
About Ground + Space
Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. Ground + Space is rooted in more than 20 years of experience aimed at providing the best data, relationships and success rates in the business. Interested in commercial real estate investment? Contact us today to find out more about our current listings!