Recently Sold: CVS Pharmacy in Plantation, FL

At the beginning of September 2021, Ground + Space announced the sale of a CVS Pharmacy property in Plantation, Florida. Michael Zimmerman exclusively marketed the property on behalf of the seller, which received multiple offers and was sold to an all-cash buyer. This asset produced a superior cap rate (thanks in part to its extremely high rent-to-sales ratio) and featured a seven-day closing period.

Prime CVS Pharmacy Retail Asset

This corporate-guaranteed STNL asset has been in place at this location since 1996. The tenant recently exercised its second five-year option, signaling CVS’s long-term commitment to this site. The property boasts a drive-thru pharmacy—a sought-after feature due to COVID-19—and a MinuteClinic. Two options remain on the current lease, and there are no landlord responsibilities for ease of ownership.

Situated at the signalized intersection of West Broward Boulevard and North Job Hill Road, this CVS Pharmacy is across from Hawks Landing, one of South Florida’s premier luxury communities. Visitors to the site are also minutes from Westside Regional Medical Center and Westfield Broward, a shopping center anchored by Macy’s and Dillard’s.

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: Wawa in Vero Beach, FL

Ground + Space today announced the sale of a new Wawa property in Vero Beach, Florida. Michael Zimmerman exclusively marketed the property, which sold for the full asking price to an all-cash 1031 buyer. This listing garnered multiple offers thanks to the property’s strong corporate tenant and Wawa’s status as an essential retailer.

Wawa convenience stores are one of the most sought-after net lease investments on the market today. Wawa sites offer investors long-term security and no maintenance or management responsibilities thanks to a Ground lease structure. Wawa convenience stores are located on prime real estate, typically at hard corner locations with great visibility and ingress/egress. This particular Wawa location has full access via Old Dixie Highway and additional exposure on three main roadways. Although the area surrounding the property is mostly zoned for industrial use, visitors have easy access to Vero Beach Regional Airport and Disney’s popular Vero Beach Resort.

Situated along Florida’s Treasure Coast, this newly constructed Wawa sits within Indian River County, Florida’s seventh-richest county by per capita income. The average annual household income within just three miles of the site is nearly $85,000. Additionally, the area immediately surrounding this Wawa has seen a population boom, growing an average of around 18 percent within a five-mile radius over the past decade.

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: Wendy’s in Winter Park, FL

Ground + Space today announced the sale of a Wendy’s property in Winter Park, Florida. Michael Zimmerman exclusively marketed the property, which sold within four percent of the asking price to an all-cash 1031 buyer. This listing garnered multiple offers thanks to the property’s strong corporate quick-service restaurant (QSR) tenant, the world’s third-largest hamburger fast food chain.

This property is a prime example of a stable, COVID-safe asset that requires no landlord maintenance. The Wendy’s Ground lease features a corporate guarantee, multiple five-year renewal options and scheduled 10 percent rental increases. The new in-line concept features a drive-thru lane and is adjacent to a SimonMed Imaging location. The site is less than one mile from the popular Park Avenue shopping district, the city’s new SunRail station and the Valenica College Winter Park campus.

Wendy’s benefits from its prime location less than five miles from the heart of downtown Orlando, Florida. The city has long been a popular tourist destination, attraction more than 75 million people from around the globe in 2018 alone. Major attractions within easy driving distance from the site include Walt Disney World Resort, Universal Orlando Resort, SeaWorld Orlando and LEGOLAND Florida Resort.

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: Orange City Shoppes in Orange City, FL

Ground + Space announced today the sale of Orange City Shoppes, a multi-tenant retail asset located in Orange City, Florida. Ground + Space Principal Michael Zimmerman exclusively marketed the property. The property sold at an admirable cap rate just three percent off the original listing price in an all-cash transaction. Additionally, the listing received multiple purchase offers.

The Orange City Shoppes tenant roster includes Aspen Dental, Spectrum and Orlando Health. These service-based businesses yield an added security with Internet-proof tenancy. The new, corporate guaranteed leases for all three tenants boast built-in rent increases and multiple renewal options. Also, there are minimal landlord responsibilities within the lease for ease of investment.

Orange City Shoppes benefits from its prominent location within Orange City’s main retail sector. The property is an outparcel to Target and sits across from a 107,000-square-foot Publix-anchored shopping center. There is a growing development commitment to the area, evidenced by AdventHealth Fish Memorial’s $100 million tower expansion less that one mile from the site.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman, Brett Sheldon 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? Looking to sell one of your net leased assets? Contact us today for a property evaluation or to discuss one of our current listings.


Just Sold: Palmetto Plaza in Miami Gardens, FL

Ground + Space announced today the sale of Palmetto Plaza in Miami Gardens, Florida. Ground + Space Principal Michael Zimmerman exclusively marketed the property, which sold to an all-cash buyer. Michael Zimmerman secured multiple offers for Palmetto Plaza within its first 10 days on the market, as well as several back-up offers. This extremely rare retail center was offered below the average market rent for the Miami metropolitan area.

Palmetto Plaza is a grocery-anchored retail shopping center that sits in one of the densest, high-traffic retail corridors in Miami-Dade County. The shopping center currently houses 38 businesses. The varied mix includes national, franchised and local tenants. The 175,045-square-foot property includes many investment-grade tenants like ALDI, Dunkin’ Donuts, Sherwin-Williams, Dollar Tree and Regions Bank.

This shopping center is just 15 miles from the heart of downtown Miami. Miami is the cultural, economic and financial center of South Florida. Visitors to the site have easy access to Interstate 95, Florida’s Turnpike and Miami International Airport.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman, Brett Sheldon 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!


Just Sold: Texas Roadhouse in Lady Lake, FL

Ground + Space announced today the sale of a Texas Roadhouse in Lady Lake, Florida. Ground + Space Principal Michael Zimmerman exclusively marketed the property, which just sold at a superior cap rate of 4.6 percent. The listing received multiple back-up offers and boasted a Due Diligence period of only 18 days.

Texas Roadhouse saw a 9.7 percent increase in total revenues in 2019, making it a prime target for future investment. This corporate-guaranteed Texas Roadhouse site features a Ground lease with no landlord responsibilities and rental increases every five years. A 10 percent rental increase is scheduled for January 2021, which will yield an even greater return on the initial investment.

The property is an outparcel to Sam’s Club and is situated across from Village Crossroads and Lady Lake Crossing. Notable nearby tenants include Best Buy, Kohl’s, Petsmart and Ulta. The new development Lady Lake Commons is also close by and features recognizable tenants such as Earth Fare and Miller’s Ale House. Visitors to the site are just minutes away from The Villages—the world’s largest over-55 community—and the city of Orlando, with its many tourist attractions.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman, Brett Sheldon 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!


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!