Ground + Space announced today the sale of Shops at Celebration, a multi-tenant property in Kissimmee, Florida. Shops at Celebration is a 5,222-square-foot retail site that features three tenants: Tijuana Flats, T-Mobile and Island Fin Poké Company. Ground + Space Principal Michael Zimmerman exclusively marketed the property and represented the seller, a family-run commercial real estate investment and development company based in Maitland, Florida. The property sold for approximately $2.9 million to a private investor in a 1031 exchange.
Built in 1998 and renovated in 2015, this multi-tenant property is anchored by a top-performing Nike Factory Store. Two tenants have leases with corporate guarantees. Each of the leases features scheduled rental increases and multiple options to renew. In addition, the tenants reimburse the landlord for expenses relating to roof and parking lot maintenance. The property benefits from prominent signage placement along U.S. Highway 192/West Irlo Bronson Memorial Highway with 56,000 vehicles passing daily.
This multi-tenant property sits at an irreplaceable location across from Florida Hospital Celebration Health and Disney’s Celebration Town Center area. The property also has direct access to the Publix-anchored Water Tower Shoppes. Shops at Celebration is within easy driving distance of the Florida Turnpike and Interstate 4. The many theme parks in the surrounding area bring high pedestrian and vehicle traffic counts to the site.
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!