Just Sold: Cheddar’s Scratch Kitchen in Tampa, FL

Ground + Space today announced the sale of a Cheddar’s Scratch Kitchen property in Tampa, Florida. Michael Zimmerman exclusively marketed the property, which received multiple offers and was finally sold to an all-cash 1031 buyer. Founded in 1979, Cheddar’s Scratch Kitchen is now owned by Darden Restaurants, Inc. (NYSE: DRI).

This property is a prime example of a stable, income-producing asset that requires no landlord maintenance. The Tire Choice’s Ground lease features a corporate guarantee, multiple five-year renewal options and scheduled rental increases. This asset is prominently positioned along North Dale Mabry Highway and benefits from extraordinary traffic counts in excess of 74,500 vehicles per day.

Cheddar’s Scratch Kitchen sits near numerous national retailers, including Outback Steakhouse, Barnes & Noble, Dunkin’, Starbucks and Carrabba’s Italian Grill. The property is also near the Publix-anchored Carrollwood Shopping Center. The area immediately surrounding the property is within the Greater Tampa Bay area and has seen population growth over the past decade of nearly 45 percent. The proximity of The Port of Tampa and Tampa International Airport make the area an easily accessible, popular destination in Florida for tourists and business visitors alike.

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. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!


Just Sold: McDonald’s in California, MD

Ground + Space today announced the sale of a McDonald’s property in California, Maryland. After receiving multiple offers, the tenant chose to exercise its right of first refusal to purchase the property. This asset features a 20-year Ground lease that includes scheduled rental increases and multiple five-year options to extend the lease well into the future.

This McDonald’s property is a prominent outparcel to the Laurel Glen Shopping Center along busy Three Notch Road. Nearby retailers include Target, BJ’s, Walmart, Harris Teeter, Ross Dress For Less, Lowe’s and countless others. This particular area of Southern Maryland is one of the fastest-growing regions in the state, and retailers along Three Notch Road benefit from an affluent population with annual household incomes exceeding $96,000. 

The quick-service restaurant (QSR) sector has once again proven to be resilient, even during the face of a global pandemic. Drive-thru lanes, contactless payment options and curbside pick-up have become increasingly important as they directly address their customers’ needs in a convenient way. Even before the pandemic began last March, many QSRs had begun to evolve their store formats to enhance different aspects of the customer experience, from pay kiosks to partnerships with online delivery platforms. McDonald’s is one QSR chain that provides investors with a stable, long-term net lease investment with a reliable, credit-rated tenant, consistent monthly income and few to no maintenance responsibilities.

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. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!


Coronavirus Update: State of the Market

The month of July shattered records for new coronavirus cases, hospitalizations and deaths. Unlike in the months of March and April, the epidemic is affecting both urban and rural areas in equal measure. The effects of social distancing, store closings and high unemployment have led to an economic downturn, which has impacted even the strongest segments of the commercial real estate sector.

Commercial Real Estate Prices Wane

As expected, prices for commercial real estate assets weakened in the second financial quarter of 2020. Properties with a smaller price tag (between $1-$4 million) fared better than their higher-priced counterparts, which saw a decline in activity of around 38 percent. Sales totals are also down when compared to previous years. However, this pricing weakness was not felt in every sector. The industrial sector was the only property type index to post gains. This is due in large part to the accelerated adoption of e-commerce, which has in turn supported industrial demand for warehouse space.

GDP Declines in Second Quarter

The United States saw the sharpest decline in its gross domestic product (GDP) in the second fiscal quarter of 2020 since the federal government began tracking this data in 1947. From April to June 2020, the GDP fell at an annualized rate of 32.9 percent. This was due in large part to the widespread shutdown measures imposed by governors across the country as COVID-19 began its resurgence.

To put things into perspective, the GDP only fell by 8.4 percent during the worst three months of what is now called “The Great Recession” in 2008. Economists expect GDP growth to return in the third financial quarter, but the rate is largely in question as more states are pausing or reversing their lockdown orders.

Retailer Spotlight: Wawa

Although the list of retailers filing for bankruptcy grows larger on an almost daily basis, some popular retailers are taking proactive steps to provide long-term solutions for a post-coronavirus world. One such retailer is Wawa. The Pennsylvania-based convenience store chain recently announced plans to build its first-ever freestanding drive-thru location in Township, Pennsylvania. This will be the brand’s first store focused solely on drive-thru and curbside pick-up services for its customers.

According to Terri Micklin, Wawa’s Director of Construction, the company hopes to “learn from the layout, workflow and traffic flow at this location” as Wawa explores multiple alternatives to its traditional store formats. At least one other Wawa property currently under construction—this one in Westhampton, New Jersey—will benefit from a drive-thru feature.

Ground + Space is Here to Help

Ground + Space is a leading commercial real estate firm that specializes in single-tenant and retail NNN investments. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. We are committed to providing up-to-date information and best-in-class services to clients during the COVID-19 pandemic and beyond. Are you looking for advice on whether to sell one of your assets? Please contact one of our brokers for specialized guidance during this time.

Stay Safe and Informed

The Centers for Disease Control and Prevention (CDC) offers daily updates and other information about COVID-19 symptoms and testing in the United States. Johns Hopkins University (JHU) has created a resource to help inform the public and advance comprehensive understanding of the novel coronavirus and its effects backed by experts in global public health, infectious disease and emergency preparedness. Additionally, the World Health Organization (WHO) continues to track the number and location of confirmed cases of the virus across the globe.


Changing Trends in Response to COVID-19

During the past few months, commercial real estate investment volume has dropped approximately 30 percent. This has made deal-making more difficult for both brokers and investors. Today, we will dive into a few of the trends that are reshaping the commercial real estate industry and how investors and brokers can capitalize on these changing dynamics.

Investors Search for Property Bargains

It is unsurprising to find that the value of commercial real estate assets has declined in recent months. This is a direct result of falling occupancy and rental rates. However, many investors are taking this economic downturn as an opportunity to acquire distressed properties. A distressed sale can include the following: auctions, foreclosures, bank-owned sales, short sales and deed in lieu of foreclosure transfers.

According to CoStar data, distressed property sales have surpassed that of traditional hotel and retail properties—two of the sectors hit hardest by the coronavirus pandemic. In June, distressed retail sales were at 2.2 percent, and distressed sales made up 4.4 percent of all hotel sales. What does this mean? Right now, investors are shifting their focus away from core assets in anticipation of future repricing opportunities.

E-Commerce Effects on Commercial Real Estate

E-commerce has gained in popularity over the past decade. Current e-commerce retail penetration rates have grown to 20 percent. This number is expected to increase significantly due to the COVID-19 pandemic and its lasting effects on the worldwide economy and consumer shopping habits. How will the commercial real estate landscape adjust to this “new normal?”

As consumers visit brick-and-mortar stores on a less frequent basis, lower-quality, struggling assets—like aging enclosed shopping malls—will either shutter or be repurposed into mixed-use developments. Restaurants, quick-service restaurants (QSR) and fast food retailers with drive-thru service will remain essential, but their reliance on delivery and takeout platforms will increase. Delivery platforms will also be critical to companies like Whole Foods and other grocery store chains. Experiential spaces—like movie theaters, gyms, fitness studios and even casinos—will also be affected as individuals consume more at-home solutions like Netflix, YouTube and Peloton.

Retailers React to COVID-19

While many retailers have begun to liquidate assets, close storefronts and file for bankruptcy protection, others have managed to meet these challenging times with new, innovative ideas. For instance, Walgreens Boots Alliance (the parent company of Walgreens) has partnered with VillageMD to introduce full-service doctor offices co-located in stores within more than 30 U.S. markets. This news comes as retail giant Walmart unveiled its plan to open freestanding Walmart Health Facilities and CVS Health begins to expand its HealthHub store format.

Ground + Space is Here to Help

Ground + Space is a leading commercial real estate firm that specializes in single-tenant and retail NNN investments. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. We are committed to providing up-to-date information and best-in-class services to clients during the COVID-19 pandemic and beyond. The IRS 1031 tax deadline is less that one week away, so please contact one of our brokers for specialized guidance during this time.

Stay Safe and Informed

The Centers for Disease Control and Prevention (CDC) offers daily updates and other information about COVID-19 symptoms and testing in the United States. Johns Hopkins University (JHU) has created a resource to help inform the public and advance comprehensive understanding of the novel coronavirus and its effects backed by experts in global public health, infectious disease and emergency preparedness. Additionally, the World Health Organization (WHO) continues to track the number and location of confirmed cases of the virus across the globe.


Pandemic Reshapes Commercial Real Estate Market

Since March, the COVID-19 pandemic has caused dramatic changes in the way individuals do business and buy goods. These changes have not only affected the retail sector—every aspect of the United States economy has been impacted in some way. Here we take a look at some of these changes and how they will influence the future of the commercial real estate market.

Physical Versus Economic Vacancies

Retailers deemed nonessential during the COVID-19 pandemic are facing a dramatically different economic outlook than their essential retail counterparts. Experiential businesses, buffet-style restaurants and retailers facing financial hardships before the pandemic began currently face an uncertain future. Although many businesses have begun opening their doors as nationwide restrictions have been partially lifted, some retailers might be forced to close their doors for good.

Higher vacancy rates are expected as a number of retailers reassess their position in the marketplace. Although more and more storefronts have shuttered, a number of leases still remain in effect. This, in turn, has expanded the gap between physical and economic vacancy. According to some reports, the average physical vacancy rate will jump to between 5.6 and 6.8 percent by the final quarter of 2020. The economic vacancy rates are expected to be even higher as retailers grapple with new regulations, depleting cash reserves and lack of financial assistance.

Construction Projects Slow and Rent Prices Fall

As a result of the pandemic, developers and retailers are slowing down the rate of construction and expansion projects. Completed projects during the first three months of 2020 dropped to just 8.3 million square feet. Inventory additions are expected to decrease to levels not seen since 2000 by the end of the year. Although some projects have been cancelled altogether, many others have simply been put on hold and are expected to resume in 2021. There is a silver lining, however: Single-tenant net lease (STNL) properties will account for the largest portion of this year’s construction projects at nearly 17 million square feet.

Less new available space and rising vacancy rates will have a negative effect on asking rent prices for commercial real estate assets. During the first quarter of 2020, asking rent climbed to an average of $20.50 per square foot. Some experts believe asking rent prices will fall as much as 9.4 percent by December 2020.

STNL Assets Are Still Going Strong

Long-term security is just one of the reasons investors are targeting STNL assets now more than ever. Discount retailers like Dollar General and Dollar Tree have attracted a wide range of investment offers, along with other essential retailers like CVS Pharmacy. Quick-service restaurants (QSR) with drive-thru service windows are also being targeted as these retailers have generated near pre-pandemic sales. For now, buyers are less interested in fitness centers, department stores, sit-down restaurants and strip centers with a number of nonessential tenants.

Navigating These Uncertain Times

Ground + Space is a leading commercial real estate firm that specializes in single-tenant and retail NNN investments. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. We are committed to providing up-to-date information and best-in-class services to clients during the COVID-19 pandemic and beyond. The market changes daily, so please contact one of our brokers for specialized guidance during this time.

Stay Healthy and Safe

The Centers for Disease Control and Prevention (CDC) offers daily updates and other information about COVID-19 symptoms and testing in the United States. Johns Hopkins University (JHU) has created a resource to help inform the public and advance comprehensive understanding of the novel coronavirus and its effects backed by experts in global public health, infectious disease and emergency preparedness. Additionally, the World Health Organization (WHO) continues to track the number and location of confirmed cases of the virus across the globe.


The Future of the CRE Market

The United States economy is feeling the effects of COVID-19 since all non-essential sectors have been in a near-total shutdown since mid-March. Most states around the country won’t be lifting lockdowns and shelter-in-place orders until at least the end of May. The COVID-19 pandemic has sent the country’s unemployment rate soaring to a record 14.7 percent, a level not seen since the end of the Great Depression.

Over the course of the next few weeks, many retailers will slowly begin to open their doors to customers for the first time since the pandemic began. While this is a good sign, the success of any reopening effort will be determined in part by the average consumer’s willingness and ability to venture out to purchase more than essential items like groceries and gasoline.

Economists do not have an answer as to what the full impact of COVID-19 will be on the U.S. economy. However, most economists do agree that there will be a significant negative effect, both in the U.S. and across the globe. How will all this economic news affect the commercial real estate (CRE) market? Let’s take a look.

Sharp Spike in E-Commerce Sales

Several major retailers have been hit hard by the effects of COVID-19. Those retailers who had yet to adjust to changing consumer habits have had to turn to bankruptcy and outright closure over the past few weeks. Some of the retailers affected most by the pandemic are J.C. Penney, Neiman Marcus, Stage Stores, J.Crew and Pier 1 Imports.

On the other hand, retailers like Kohl’s have seen a spike in digital sales even as their brick-and-mortar stores have been closed for at least two months. Online sales grew to a staggering 60 percent of the brand’s total sales in the month of April, and that trend is expected to continue. Walmart has also seen skyrocketing digital sales, led by strong results for grocery and delivery services. Walmart also benefited from being designated as an “essential business.” Throughout the pandemic, all of the retailer’s U.S. stores remained open.

The Health of the CRE Market

The health of the CRE market going forward will be determined by the approaches retailers take to reopen storefronts and the impact of increased e-commerce adoption rates. Many economists anticipate that consumers will continue to rely heavily on e-commerce transactions. Retailers both large and small that can provide customers with a digital shopping platform will fare better than those with no online presence. While standalone retail assets should bounce back to pre-coronavirus levels once treatment plans are in place for COVID-19, many mall anchors, full-priced apparel retailers and mom-and-pop stores in small strip centers might not be so lucky.

Sales activity in the CRE market has fallen by approximately 17 percent since the pandemic began. Despite this sharp decrease in activity, capitalization rates have remained steady. Rates have fallen by only about seven basis points according to CoStar data. Most investors and landlords are focusing on rent collection and vacancy concerns for the time being, but there is still a demand for high-quality SNTL retail.

Experts in STNL Retail

Ground + Space is a leading commercial real estate firm that specializes in single-tenant and retail NNN investments. We have several outstanding retail assets on the market right now. Our CVS Pharmacy listing features a NN corporate-guaranteed lease that was recently extended by 20 years. The Tire Choice property that is currently available is situated within a dense retail corridor in The Villages, Florida and boasts a brand-new 20-year NNN lease. Our team is committed to providing up-to-date information and best-in-class services to clients during the COVID-19 pandemic and beyond. The market changes daily, so please contact one of our brokers for specialized guidance during this time.

Stay Informed

The Centers for Disease Control and Prevention (CDC) offers daily updates and other information about COVID-19 symptoms and testing in the United States. Johns Hopkins University (JHU) has created a resource to help inform the public and advance comprehensive understanding of the novel coronavirus and its effects backed by experts in global public health, infectious disease and emergency preparedness. Additionally, the World Health Organization (WHO) continues to track the number and location of confirmed cases of the virus across the globe.

 


The Effects of COVID-19 on Quick-Service Restaurants

Quick-service restaurants (QSR) have long been a popular source for convenient, low cost meals. These factors are increasingly important to consumers facing financial hardships due to loss of income from COVID-19. Contact-less delivery and low wait times are also important to these consumers. One of the easiest ways for restaurants to meet these needs is to utilize alternate forms of food delivery: drive-thru service, curbside pick-up and home delivery.

Getting Creative

Because many local and state governments have forced restaurants and bars to cease all dine-in services due to COVID-19, quick service-restaurants with drive-thru capabilities have seen increased traffic and demand from consumers. For recognizable brands that have a strong drive-thru system in place, a decline in dine-in customers has been met with a strong upsurge in drive-thru orders. These businesses are utilizing their drive-thru lanes to limit crowd size and enforce social distancing rules while continuing to serve customers. However, only about 20 percent of quick-service restaurants in operation today have drive-thru service.

Many restaurants that do not have drive-thru windows are now offering curbside pick-up. Home delivery services like Grubhub, DoorDash and Uber Eats have partnered with many independent and national restaurants to offer discounted—and in some cases free—delivery and commission fees. Other restaurants are creating home preparation kits of some of their most popular menu items, while others are offering frozen and prepackaged goods.

Case Study: Taco Bell

Leading quick-service restaurant brand Taco Bell has set the bar for enhanced restaurant safety via its Seven Enhanced Safety Steps across all of its 7,000 U.S. restaurants. These new protocols will include contact-less service and payment; employee temperature checks; extra sanitation options for customers; and much more. These safety protocols will undoubtedly be adopted and implemented in various ways throughout the QSR sector.

In addition to its enhanced safety guidelines, Taco Bell is offering customers the chance to recreate their favorite Taco Bell dishes in the comfort and safety of their own homes. For a limited time, the At Home Taco Bar will be available for patrons via delivery and contact-less drive-thrus nationwide. This new menu offering is an easy, safe way to feed a party of six for only $25. Additionally, Taco Bell is rolling out a series of recipe cards that will feature classic recipes from the Taco Bell Test Kitchen, along with recipes for Taco Bell-inspired cocktails.

On The Market

Ground + Space is a leading commercial real estate firm that specializes in single-tenant and retail NNN investments. We have two outstanding QSR assets on the market right now. Our McDonald’s listing is a prominent outparcel that sits along an ever-expanding retail corridor in California, Maryland, and our Taco Bell listing is a rare triple-net (NNN) asset within the New York metropolitan area. Our team is committed to providing up-to-date information and best-in-class services to clients during the COVID-19 pandemic and beyond. The market changes daily, so please contact one of our brokers for specialized guidance during this time.

Stay Informed

The Centers for Disease Control and Prevention (CDC) offers daily updates and other information about COVID-19 symptoms and testing in the United States. Johns Hopkins University (JHU) has created a resource to help inform the public and advance comprehensive understanding of the novel coronavirus and its effects backed by experts in global public health, infectious disease and emergency preparedness. Additionally, the World Health Organization (WHO) continues to track the number and location of confirmed cases of the virus across the globe.


COVID-19 Impact Across CRE Sectors

The spread of the novel coronavirus (COVID-19) across the United States has caused all but the most essential businesses to shut down temporarily. Although designations often vary from state to state, the life-sustaining businesses that are currently operating across the country include: supermarkets and grocers; farms and food manufacturers; restaurants (take-out and delivery only); hospitals; healthcare providers (like dentists, veterinarians and physician offices); pharmacies (including CVS); banks and post offices; gas stations and convenience stores; and automotive repair shops.

Many of the strategies being implemented by these retailers—like curb-side pick-up—will most likely continue as customers return to work in the coming weeks and months. Large national tenants are better positioned to weather the storm of COVID-19, but the same cannot be said for neighborhood retailers. Each sector of the commercial real estate market has been affected in different ways. Let’s take a look at how the pandemic is affecting three key sectors: convenience stores, dollar stores and shopping centers.

COVID-19 Impact: Convenience Stores

Due to “shelter in place” orders, many consumers are looking to their local convenience stores for fuel, food and grocery items. Convenience stores have become a go-to for shoppers who want to avoid crowded areas and understocked grocery stores. According to the National Association of Convenience Stores (NACS), 52 percent of convenience store grocery sales have increased during the pandemic, despite the fact that fewer people are leaving their homes.

Convenience stores are resilient assets during economic downturns. Additionally, convenience store retailers were quick to address changes related to COVID-19 in their stores. These retailers continue to pivot and adjust as needed, from offering more items that can be taken home (pre-assembled meals, bulk items and toiletries) to removing self-service stations.

COVID-19 Impact: Dollar Stores

Rural and suburban communities have long relied on retailers like Dollar General and Dollar Tree for affordable, convenient household essentials. Because of this, the discount retail market has proven resilient throughout the COVID-19 pandemic. Their unique real estate footprint, coupled with lower price points, put discount and dollar store retailers at a competitive advantage during times of economic downturn.

Because of COVID-19, many consumers are flocking to discount retailers due to strained finances. Dollar stores are a vital, consistent source for inexpensive staple items, and most accept SNAP benefits. While many retailers are struggling to combat the negative effects of “shelter in place” orders, dollar stores have seen a rise in sales. The market for these discount retailers is strong as tenants see continued demand from both new and existing consumers.

COVID-19 Impact: Shopping Centers

Shopping centers have seen a decrease in foot traffic and an increase in vacancies over the past decade due largely to a change in consumer spending habits. The COVID-19 pandemic has created a new set of challenges for both large and small shopping centers. “Shelter in place” orders mean that foot traffic has become virtually non-existent within shopping centers that do not feature essential businesses like grocery stores or pharmacies.

Open-air shopping centers anchored by grocers, drug stores or home improvement stores should expect gains during the pandemic as these tenants have all been deemed “essential.” Customers have begun to visit their local brick-and-mortar grocery stores because of disruptions to the supply chain for many online and warehouse club retailers. In contrast, regional indoor malls and unanchored strip centers will likely experience the most distress during this economic downturn.

How can Ground + Space help?

The team at Ground + Space are committed to providing up-to-date information and best-in-class services to clients during the COVID-19 pandemic and beyond. The market changes daily, so please contact one of our brokers for specialized guidance during this time.

Are you interested in maximizing your return on a commercial real estate investment? Ground + Space is a leading commercial real estate firm that specializes in single-tenant and retail NNN investments. Contact Michael Zimmerman or Brett Sheldon today to find out more about our current listings and our superior services.


Multi-Tenant Retail Investments Attract Opportunity

Retail is constantly changing, and so is the commercial retail real estate market. Although overall transaction numbers have been slightly down from years previous during the first three quarters of 2019, quality investments are still up for grabs. Savvy retail investors are gravitating towards investments with safer outlooks and focusing on smaller transactions. Even though private investors have historically focused more on single-tenant assets, a great many of those same investors are now looking to expand their portfolios by acquiring multi-tenant properties.

Benefits of a Multi-Tenant Investment

The addition of a multi-tenant commercial real estate asset to an investment portfolio can help lead to better yields and diversification within a single investment property. A multi-tenant property can help mitigate the risk of future tenant vacancies by sometimes offering shorter rental terms that can be adjusted and replaced as needed. Also, when a suitable, complementary mix of tenants are brought together within the same center, those retailers can leverage each other to help drive sales and foot traffic. This creates retailer dedication to the site and oftentimes increases the chances of the longevity of a tenant’s presence in a market.

Finding the “Right” Multi-Tenant Property

Not all multi-tenant properties are created equally, so it’s important to consider the strength of each individual tenant when making investment decisions. A strong, varied tenant mix is vital to the success of the investment as well as the property’s long-term value.  Right now, investments that are getting the most attention feature service-based businesses that offer Internet-proof tenancy via services that can’t be purchased online. Grocery-anchored centers that feature strong brands like Publix, ALDI or Wegmans (among others) are also at the top of investors’ lists.

Ground + Space Multi-Tenant Listings

We have three multi-tenant properties currently on the market that are ideal for any investor. All our listings feature a solid mix of national and regional tenants with a focus on service-based businesses. Each property is in the state of Florida, which has no state income tax.

Orange City Shoppes: The property benefits from a prominent, signalized corner location within Orange City’s main retail sector. The multi-tenant site is an outparcel to Target and is across from a Publix-anchored shopping center. The new, corporate-guaranteed NN leases for all three tenants provide for a quality investment with minimal landlord responsibilities. Additionally, each lease features built-in base term rental increases and options to renew. View more information about this property or download an Offering Memorandum by clicking here.

Shoppes at Eustis Village: This multi-tenant site features prominent signage and shares a signalized corner intersection with the Eustis Village Publix retail center. The property is comprised of three separate buildings that feature an ideal mix of national and regional tenants. (The seller recently spent over $100,000 to separate the property into three individual parcels.) The NNN leases provide for a quality investment with no landlord responsibilities. Additionally, there is a significant investor upside potential at 100 percent occupancy. View more information about this property or download an Offering Memorandum by clicking here.

Shoppes at Solaris: The site is located along busy Gulf to Bay Boulevard and is adjacent to Clearwater Mall and other national retailers like Target and Marshalls. Shoppes at Solaris also benefits from its proximity to Solaris Key Apartments, a four-story luxury apartment community in Clearwater. The multi-tenant property is now fully leased to quality tenants: Caribou Coffee & Einstein Bros. Bagels, Tijuana Flats and Curry Leaves Express. Each NN lease features varied lease terms and multiple options to renew. View more information about this property or download an Offering Memorandum by clicking here.

Interested in learning more about our multi-tenant property offerings? Ground + Space is a leading commercial real estate brokerage firm based in North Carolina that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings or sign up for our mailing list to stay updated on the latest commercial real estate news and offerings.


Just Sold: SimonMed Imaging in Orlando, FL

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!