ORLANDO—Another net leased building has traded hands in Florida’s hot retail market. A 51,160 square-foot net leased property anchored by LA Fitness in the Orlando submarket of Ocoee sold for $9.6 million.
Lori Schneider, a senior vice president Investments in Marcus & Millichap‘s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Raleigh, NC. Schneider also secured the buyer, a REIT from Boynton Beach, FL.
“This investment opportunity was particularly attractive because of the property’s location in a rapidly growing Orlando suburb, its recent renovations and the ease of management,” Schneider says. “It also affords the buyer the upside potential of leasing the vacant retail space.”
Located at 1560 East Silver Star Road in Ocoee, the LA Fitness occupies a former Albertson’s Supermarket space and the vacant bay formerly contained the Albertson’s Liquor Store. That equals 47,634 square feet of the net leased building, or 93% of the gross leasable area. The net leased building has a 3,526 square foot vacant retail bay.
LA Fitness is in a major retail corridor. The property is located on the intersection of East Silver Star Road and North Clarke Road and Publix and Winn-Dixie anchored shopping centers and Walgreens share the intersection. The net leased property is contiguous to a CVS anchored shopping center whose tenants include Little Caesars, Great Clips, and State Farm. McDonald’s is an outparcel to the center.