Orlando Submarket Winning National Retailers

ORLANDO—Central Florida retail is heating up, evidenced by strong traction in area submarkets. The latest report comes out of Red Willows Plaza in Winter Springs, FL.

Located at 5900 Red Bug Lake Road, Red Willows just opened a new Supercuts. Meanwhile, The Fresh Market and Party City plan to open new retail stores there within the next six months. Along with associate Jill Gull, Stiles vice president Ryan Karlin represented the owner in the lease transactions totaling more than 36,000 square feet within the last six months. The retail plaza was completely renovated in 2009.

“These new round of leases demonstrates the high level of retailer activity in this particular submarket,” says Gull. “Red Willow Plaza is undergoing a major transition into a grocery-anchored center from a fitness-anchored center. With that, we are seeing increased interest from strong national and regional brands due to its curb appeal and surrounding predominately affluent market.”

Continuing with expansion plans across Florida, specialty grocer The Fresh Market will open its 36th store in the state at Red Willow Plaza in first quarter 2014. The Fresh Market is expanding quickly in Florida, previously announced stores in Orlando, Naples, Brandon, and Delray Beach. The 21,000-square-foot lease represents the lead anchor at the plaza with 14,000-square-foot Party City and the existing 9,000-square-foot Carrabba's Italian Grill as the junior anchors.

Red Willow Plaza is located on the corner of Tuskawilla Road and Red Bug Lake Road, a high visibility intersection with strong traffic exposure to Winter Spring's residents and commuters.

Gull noted that in securing the most recent national leases, Red Willow Plaza's demographics, traffic counts and proximity to major highway SR 417 were key factors. “Within a five-mile radius there are more than 200,000 residents with an average household income of $75,000,” she says. “There are simply not many neighborhoods with those kinds of statistics.”

The retail plaza is aso home to Sprint, Jimmy John's, Region's Bank, Taco Bell, Thai Basil, and D'tails Grooming and Spa. Stiles is responsible for both the leasing and property management at the property.

“Thanks in part to increased consumer confidence, the retail market is seeing tenants take flight to quality premium locations,” says Gull. “With a dense daytime population and a diverse tenant mix, Red Willow Plaza has experienced positive absorption and stable vacancy.”