MULTI-TENANT RETAIL CORE INVESTMENT

Transcription

1 CENTRAL STATION APARTMENTS DOWNTOWN ORLANDO 279 UNITS MIXED USE RETAIL 11,599 ± SF MULTI-TENANT RETAIL CORE INVESTMENT

2 CENTRAL STATION PROPERTY SUMMARY Built in ,599 ± SF Adjacent to Orlando X the Mega-Project with over 840 apartment units PROPOSED CLASS A OFFICE SPACE 118,500 SF OFFICE RENOVATION TRANSIT ORIENTED DEVELOPMENT SunRail Station A 61.5 mile passenger rail system, consisting of 17 stations 3,427 daily riders Lynx Station Services over 2,500 square miles through Orange, Seminole and Osceola counties Provides more than 32,000 rides each weekday 26,011,323 passenger trips in FY17 Lymmo Station Free rapid transit bus system covering the Orlando Area ORLANDO X MEGA PROJECT 889 UNITS CENTRAL STATION APARTMENTS 279 UNITS 1ST FLOOR RETAIL N ORANGE AVENUE- 21,887 VPD 24 STORY COURTHOUSE FOR NINTH-JUDICIAL CIRCUIT Orlando Urban Trail 2.6 mile Walking Trail Orange Avenue Traffic Count 21,887 VPD

3 INCOME AND EXPENSES CURRENT PRICE $4,733,425 CAPTIALIZATION RATE 6.75% PER SQUARE FOOT $ Total Leased (SF) % 11,599 Total Vacant 0.00% 0 Total Rentable Area (SF) % 11,599 INCOME P/SF Scheduled Rent $27.75 $321, Recoveries $6.05 $70, EFFECTIVE GROSS INCOME $392, EXPENSE (2018 ESTIMATED) P/SF Property Taxes ($2.93) ($33,960.00) Insurance ($0.23) ($2,700.00) CAM ($1.79) ($20,800.00) Management Fee (5%) ($1.01) ($11,700.00) HOA Fee ($0.09) ($1,100.00) TOTAL OPERATING EXPENSES ($6.05) ($70,260.00) CapEx Reserves (non-reimbursed) ($0.20) ($2,319.80) NET OPERATING INCOME $319, NOI $319, Cap Rate 6.75% Price $4,733,425 *CAM includes cleaning, trash, pest control, operating costs and miscellaneous repairs Fully stabilized high street retail, centrally located in downtown Orlando, Transit Oriented location, doubledigit growth over next 5-years, major developments with over 1,300 apartment units and over 8,000 college students within.25 miles and over $2B worth of combined projects within 1.0 mile under development. Major Sports venues include Amway Arena (Orlando Magic), Camping World Stadium (formerly the Citrus Bowl), Orlando City Stadium (Orlando City Soccer and Orlando Pride Soccer) and the Dr Phillips Center for the Performing Arts the City of Orlando has the highest projected 5-yr growth in the country for a top-50 metro(*moody s 2017) 1 MILE RADIUS 18,944 TOTAL RESIDENTS 3,891 NUMBER OF BUSINESSES 58,818 TOTAL EMPLOYEES

4 RENT ROLL TENANT INFO LEASE TERMS BASE RENT SUMMARY 8/1/18 TENANT SQ FT % OF GLA TERM MONTHLY RENT ANNUAL RENT RENT/FT 7-Eleven 2, % 06/01/18 5/31/24 $6, $80, $ % Increase 06/01/24 05/31/28 $7, $90, Two 5-year Renewal Options Dunkin Donuts 1, % 07/01/16 06/30/26 $3, $37, $ % Annual Increase Two 5-year Renewal Options Planet Smoothie % 06/01/18 05/31/23 $1, $20,000 $ % Annual Increases Two 5-year Renewal Options Master Lease 1, % 11/01/18 10/31/19 $2, $ $26.00 ugrean 1, % 3/01/17 2/28/22 $3, $43, $ % Annual Increases One 5-year Renewal Option Elegant Tailor 1, % 8/01/18 7/31/25 $2, $31, $ % Annual Increases Two 5-year Renewal Options Envy Nails 1, % 6/01/18 5/31/23 $2, $31, $ % Annual Increases Two 5-year Renewal Options Asian Noodle 1, % 11/1/18 10/31/23 $3, $46, $ % increase Year 2 Then 3% annually thereafter. Tenant pays Percentage rent over 4% breakpoint Two 5-year Renewal Options Occupied 11, % Total Current $26, $ $27.75

5 Asian Noodle Restaurant

6 Elegant Tailor & Cleaners Asian Noodle NATIONAL TENANTS 7-ELEVEN PLANET SMOOTHIE DUNKIN DONUTS Headquartered in Dallas, TX, 7-Eleven operates, franchises and licenses over 66,500 stores in 17 countries LOCAL TENANTS Headquartered in Scottsdale, AZ Planet Smoothie is the third largest smoothie chain in the country, operating over 100 locations Headquartered in Canton, MA Dunkin Donuts is the 8th largest fast food franchise in the county with over 11,300 locations UGREAN ELEGANT TAILORS ENVY NAILS & SPA Locally inspired business focused on locally sourced, farm raised fresh produce and crafting healthy meals Locally based operators serving their local community With over 20 years experience, Envy Nails & Spa has grown and expanded throughout Central Florida ASIAN NOODLE RESTAURANT Famed Disney area chef opening his newest location on Orange Ave in Downtown Orlando!

7 ECONOMY MAJOR DRIVERS continues over 40 miles THE YARD DEVELOPMENT PARK LAKE/HIGHLAND COLLEGE PARK COLONIALTOWN NORTH See next page for project details UNIVERSITY OF CENTRAL FLORIDA CREATIVE VILLAGE ORLANDO X See next page for project details COLONIALTOWN SOUTH DOWNTOWN ORLANDO LAKE EOLA HEIGHTS NEW SUNTRUST PLAZA

8 ECONOMY MAJOR DRIVERS ORLANDO X X Orlando is planned to be a mixed use project UCF CREATIVE VILLAGE The 68-acre Creative Village is emerging in the heart 325 UNIT APARTMENT DEVELOPMENT CLASS A OFFICE DEVELOPMENT located at 434 N. Orange Avenue, the remaining undeveloped parcels of the Crescent Central Station project. The total development plan for X Orlando includes the following: 889 residential units, 41,000 square feet of commercial/ retail space, and approximately 1,516 parking spaces. By far the largest single residential project in Downtown Orlando. At 3.57 acres, the subject property is one of the largest undeveloped tracts in the Central Business District. The highprofile location is adjacent to the downtown Lynx Sunrail station and across the street from the Orange County Courthouse. It occupies nearly an entire block and presents an unmatched opportunity to develop an enduring project that will significantly influence the physical and social landscape of downtown Orlando for decades. FIRST 2 FLOORS OF PARKING DECK OPEN FOR PUBLIC USE of Downtown Orlando. Creative Village is anchored by the nation s newest, innovative urban campus, UCF and Valencia Downtown, and integrates affordable and market-rate housing with new office space for high-tech, digital media and creative companies. Creative Village brings new housing, educational and career opportunities for our residents. Because education opens doors and eliminates barriers to opportunity for everyone, nearly 15 acres of the Creative Village has been designated for the new UCF and Valencia College Downtown Campus which will bring 7,700 students to the heart of downtown when it opens in fall of The campus will bring students to the doorstep of the region s emerging industries for a one-of-a-kind, immersive educational opportunity. Cradle to Career opportunities are a key priority for the city and as such, the Creative Village is also adjacent to the new 14-acre OCPS Academic Center for Excellence which serves preschool through eighth grade students and OCPS Orange Technical College and the Florida A&M Law School are both within a five-minute walk. The Mid America Apartment Communities (MAA) is eyeing a 2-acre corner lot in downtown Orlando for a new 325-unit apartment tower with ground-floor retail. MAA filed a Master Plan (MP) with the city for 9-story tower and parking garage at 336 N. Orange Ave., immediately south of the Bank of America tower. The unit mix includes 86 studios, 151 onebedroom units, 72 two-bedroom units and 16 three-bedroom units, for a total of 325 apartments -- well below the 418 units allowed under the current zoning. The parking garage has capacity for 606 spaces, which exceeds the minimum requirement -- especially given the proximity to the Lynx/SunRail station -- and indicates some parking may be reserved for the church. The former Orlando AT&T building, located at 500 N. Orange Avenue, will be converted into new Class A office space by early The currently vacant, five-story, 118,517 SF building is now owned by Michigan-based West Second Street Associates, LLC, which plans to completely strip down the building an rebuild it into modern office and retail use. The renderings feature a new all-glass facade, new parking garage, high ceilings, and more modern elements. Each floor measures 23,704 SF. Apartment tower planned on church-owned land in downtown Orlando : ments/gs-orlando-apartment-tower-downtown-st-james-church X Orlando to be the Largest Single Residential Project in Downtown Orlando: City of Orlando Creative Village: creative-village/ Designs for Vacant AT&T Building: new-office-concept-for-former-att-building/

9 SUBMARKET MAJOR ECONOMY DRIVERS DEMOGRAPHICS ORLANDO SENTINEL CLASS A OFFICE DEVELOPMENT ORLANDO X MEGA PROJECT 889 UNITS 0.3 MILE RADIUS UCF CREATIVE VILLAGE ORANGE COUNTY COURT BUSINESS EMPLOYEES ORLANDO SENTINEL 860 ORANGE COUNTY COURT 4,200 DAILY VISITORS 1,010 UCF CREATIVE VILLAGE 8,000 BOA FINANCIAL CENTER 1,050 APARTMENT UNITS CENTRAL STATION 279 ORLANDO X UNIT APARTMENT 325 TOTAL 1,493 DEVELOPMENT SF CLASS A OFFICE 118,517 BUSINESS DAILY RIDERS LYNX/LYMMO/SUNRAIL 32,000 CREATIVE VILLAGE BOA FINANCIAL CENTER 325 UNIT APARTMENT DEVELOPMENT

10 HOUSING MAP 4,205 UNITS TOTAL EXISTING APARTMENTS UNITS 1 UPTOWN PLACE NORA DOWNTOWN PARK NORTH CAMDEN NORTH QUARTER STEELHOUSE CAMDEN ORANGE COURT LEXINGTON COURT CENTRAL STATION SKYHOUSE ORLANDO ASPIRE 164 COLONIAL DR I-4 INTERCHANGE- 165,500 VPD 6 8 SITE MAGNOLIA AVE COLONIAL DR WEST APARTMENTS POST PARKSIDE PARAMOUNT EAST APARTMENTS CITI TOWER UNDER CONSTRUCTION 16 MILL CREEK RESIDENTIAL EAST UCF STUDENT HOUSING 1, UCF RESIDENTIAL UNITS 1,500 2 TOTAL 2, CONDOS ROOMS 1 PARK LAKE TOWERS VUE AT LAKE EOLA METROPOLITAN AT LAKE EOLA THE SOLAIRE AT THE PLAZA WAVERLY ON LAKE EOLA SANCTUARY EOLA THE JACKSON 52 9 STAR TOWER THE GRANDE 364 TOTAL 1,995

11 SITE 1 MILE 2 MILE 3 MILE 1 MILE RADIUS 2 MILE RADIUS 3 MILE RADIUS 18,944 ESTIMATED POPULATION ,032 NUMBER OF BUSINESSES 50,021 ESTIMATED POPULATION ,261 NUMBER OF BUSINESSES 92,812 ESTIMATED POPULATION ,142 NUMBER OF BUSINESSES $82,501 AVG HOUSEHOLD INCOME $272,012 MEDIAN HOME VALUE ,865 TOTAL EMPLOYEES 11.05% PROJECTED 5 YEAR POPULATION GROWTH $84,512 AVG HOUSEHOLD INCOME $258,631 MEDIAN HOME VALUE ,692 TOTAL EMPLOYEES 9.33% PROJECTED 5 YEAR POPULATION GROWTH $81,466 AVG HOUSEHOLD INCOME $242,133 MEDIAN HOME VALUE ,321 TOTAL EMPLOYEES 9.64% PROJECTED 5 YEAR POPULATION GROWTH

12 COMBINED RIDERSHIP OVER 32,000 DAILY PROPOSED CLASS A OFFICE SPACE 118,500 SF ORLANDO SENTINEL 860 EMPLOYEES PROPOSED 325 UNIT APARTMENT TOWER BOA FINANCIAL CENTER 1,050 EMPLOYEES ORLANDO X MEGA PROJECT 889 UNITS ORANGE COUNTY COURT 1,010 EMPLOYEES 4,200 DAILY VISITORS