Locally based Fields Motorcar Corp. is leasing 7,000 high-profile space on the ground floor of the vacant, 45-year-old, former Gibbs-Louis Inc. women's fashion store building at 131 N. Orange Ave. The dealership will be the first in the central business district since Reed Nissan Motors departed in 1991. Downtown Mini Inc., a Fields subsidiary, plans to occupy the space in March.

Officials at Fields and Orlando Terrace Inc., the building's owner, could not be reached at GlobeSt.com's publication deadline to learn lease details. But area brokers familiar with the Downtown retail submarket tell GlobeSt.com the estimated rent is $30 per sf for at least 10 years. That would put it among the highest rent ranges in the central business district.

"That's a conservative estimate," a broker not associated with the deal tells GlobeSt.com. "Where in Orlando could a car dealer get better prime customer exposure than on Orange Avenue Downtown where an estimated 30,000 office workers, tourists and residents travel every day?"

On a 10-year lease, the aggregate rent value would be about $2.1 million or $210,000 per year, brokers say.

Orlando Terrace Inc. purchased the building in March from the Gibbs-Louis families for $1.15 million or about $53.57 per sf. The structure is being renovated at an estimated construction cost of $250,000 and will also house a beauty salon, restaurant and spa.

Instant Insights /

Downtown Gets First Dealership in 10 Years

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