Brokers familiar with the south Orlando industrial submarket tell GlobeSt.com the Ripley lease is for an estimated five years at an estimated effective rent of $10 per sf. That would give the lease an estimated aggregate value of nearly $1.3 million. Ripley Entertainment is spending $1 million to bring the warehouse site up to quality office standard, according to company president Bob Masterson.
The move gives Ripley comparable class B space at roughly half the rent, brokers tell GlobeSt.com. he new location is off Sand Lake Road between Kirkman Road and John Young Parkway, a thriving commercial development area.
Locally based Ripley Entertainment owns 27 Ripley's Believe It Or Not Attractions which it calls "odditoriums." The company licenses its name and archives to the long-running television show, Ripley's Believe It Or Not.
Ripley Entertainment has a wax museum in Dallas; a miniature golf site and aquarium in Gatlinburg, TN; a haunted house attraction in Myrtle Beach, SC; and plans a $350-million international headquarters in Singapore.
Metro area land brokers also tell GlobeSt.com Ripley Entertainment is scouting nearby Osceola County for a site to build a second miniature golf course. The company has looked at land near Walt Disney World but is not expected to make a decision for awhile, brokers familiar with the company's requirements tell GlobeSt.com.
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