JLL Capital Markets, as exclusive broker, is pleased to offer the unmatched opportunity to acquire Shoppes of Turkey Lake, a 16,242 SF strip center with a truly irreplaceable location in the heart of the Orlando Tourist Corridor at the dominant, heavily trafficked intersection of Sand Lake Road and Turkey Lake Road.
Established, World Renowned Orlando Tourist Corridor with Incoming Additions: Truly irreplaceable location in the heart of the Orlando Tourist Corridor with close proximity to Universal Orlando (0.4 miles northeast), International Drive (0.5 miles east), SeaWorld (2.8 miles southeast) and Walt Disney World (6.5 miles southwest) and Universal’s brand new Epic Universe (1.5 miles east).
Planned Interstate 4 Improvements: Conveniently located with direct access to Interstate 4 only 0.2 miles east, via Sand Lake Road. As I4’s Sand Lake Road interchange is a pivotal “front door” to some of Orlando’s most heavily trafficked attractions, the Florida Department of Transportation is redeveloping the interchange in order to better facilitate increased traffic flow.
Affluent, High Income Resident Base: Located in one of the highest income and most affluent areas in the Orlando MSA with the 3-mile average household incomes exceeding $122,000 (metro = $85,000 / state = $84,000 / national = $92,000). Further, nearly 51% of the 3-mile population hold at least a bachelor’s degree or higher (metro = 33.5% / state = 31.2% / national 33.6%).
Outstanding Growth Immediately Surrounding the Property: Over 1,000 new housing units have been added within a 0.6-mile radius since 2019. Further, the 3-mile population is projected to grow 17.3% over the next 5 years (metro = 10.1% / state = 6.7% / national = 3.6%).
New Leases Resulting in Long Term, Secure Cash Flow: Liberty Health Sciences, a Florida based cannabis dispensary with more than 45 locations, and Rokka’s Market, a local Brazilian market with one existing location 5 miles west, both recently signed new 10-year leases and combined account for 78.5% of the GLA and 83.0% of the revenue.
Significant Mark-to-Market Opportunity Resulting in 3.7% CAGR: Club Champion is nearly 30% below market, allowing for a substantial mark-to-market opportunity. As a result, and despite 100% occupancy, the Property boasts an impressive 10-year compounded annual growth rate (CAGR) of 3.7%.
Newer Construction with Recent Capital Improvements: With a newer construction in 2014, the Property has also experienced recent capital improvements.