Altamonte Oaks | Medical/Retail Redevelopment Investment Opportunity
For more information as well as the offering memorandum, please visit the property website here or contact Joe Rossi, CCIM at (407) 230-2809.
Offering Overview
The Opportunity
Colliers, as owner’s exclusive advisor, is pleased to present for sale Altamonte Oaks, a value-add or Owner/User Medical/Retail redvelopment/investment opportunity. The building is located at 460 E. Altamonte Drive, Altamonte Springs, FL 32701 (the “Property”) and features excellent visibility and exposure to 62,000 AADT from State Road 436 (E. Altamonte Drive) in Orlando MSA. Nearby facilities include the 1.15M SF Altamonte Mall one block to the west and Advent Health’s Altamonte Springs location once block to the west. In addition, SunRail’s Altamonte Springs Station is located less the a 1.2 mile down the road with pedestrian connectivity improvements underway.
Bank of America, NA (BOA) is the anchor tenant at the property where they operate a branch bank facility, 6 drive-thru lanes (covered), with 2 ATMs and exclusive parking adjacent to the branch entrance. BOA is an investment grade tenant, with an S&P credit rating of A- and a Moody’s credit rating of A3. Their initial 10-year term commenced 12/16/2002 and had 20, 5-yr renewal options at fixed-rates (17 remaining). The 2nd floor of the Property features a medical practice build-out with waiting room, 11 exam rooms and pit area, 3 offices, lab, kitchen and 3 individual restrooms. The 3rd floor of the Property features a medical school buildout with 11 class/lab rooms, 12 offices and 2 breakrooms.
Altamonte Oaks is a three-story, Class A Medical/Retail building containing 31,674 rentable square feet, situated on 2.92 acres in Altamonte Springs, Florida. The building was constructed in 1989 with major renovations completed in 2022 and features an atrium lobby with a glass elevator overlooking the monument at the front entrance. With access to a parking ratio of approximately 4.7/1,000 SF and immediate access to a variety of amenities including AdventHealth hospital and restaurants, lodging and entertainment, the building is very well positioned to continue attracting a wide variety of medical and retail tenants.
Full Access Traffic Signal directly on SR 436 and Excellent Exposure from 62,000 AADT
Altamonte Oaks benefits from the traffic signal located at our main entrance directly from SR 436. Traffic exiting the site can access east or west SR 436 in either direction.
Improvements to SR 436 (Wider Sidewalks)
Work includes: widened sidewalks, new asphalt pathways, lighted pathways, pavement markings and traffic signal.
Owner/Occupant and/or Lease-up Opportunity
Altamonte Oaks offers the ability for a tenant or an owner/occupant to occupy the entire 3rd floor containing 10,738 SF and either 2,999 SF or 2,248 SF on the 2nd floor. An owner-user with a long-term perspective will be able to grow into additional spaces over time.
Access to AdventHealth Hospital and supporting Physicians
With over 385 physicians located less than a half mile from our location.
High Quality Recent Renovations
A full roof replacement was completed in 2015 with a warranty in place through 2030 along with major hardscape/landscape improvements and repaving. This will limit future capital expenditures for a new owner.
Bank of America – (S&P A-, Moody’s A3) Credit Tenancy
S&P credit rating of A- and a Moody’s credit rating of A3 the existing tenant base provides cash flow stability while ownership completes the lease-up of the remaining vacancies.
WALT from Existing Tenancy
A weighted average remaining lease term of 3 Years 1 Month 14 Days and strong credit from Bank of America and other local and regional credit.
Proximity to Major Thoroughfares
The recently completed I-4 Ultimate project has alleviated congestion and traffic tie-ups providing outstanding access to workforce housing throughout the Orlando metro area. The Property provides immediate access to major thoroughfares and best-of-market amenity base, including restaurants, hotels, and fitness centers.
Discount to Replacement Cost
A likely cost basis at a significant discount to both replacement cost and to pre-Covid sale transaction values will provide ownership with a competitive basis advantage as stabilizing the Property.
Future Development Potential
A buyer will be able to consider further development of the site with either multi-family and/or additional uses.
South Orlando Industrial Site | 168.3± Gross Acres | Development Opportunity
For more information as well as the offering memorandum, please visit the property website here or contact Joe Rossi, CCIM at (407) 230-2809.
Offering Overview
The Opportunity
Colliers, as exclusive agent for Orlando Utilities Commission (“OUC”), is pleased to offer the rare opportunity to acquire the fee simple interest in a prime 168.3± gross acre (133.7± usable acre) infill industrial development site located in the Orlando MSA (the “Site”). Orlando is one of the fastest growing and most dynamic business environments in the United States providing ideal conditions for future industrial development to fuel our rapid population growth.
Wedged directly in between Prologis Park at AIPO (Airport Industrial Park Orlando) to the north and Jetport Industrial Park to the south, the Site is located just east of Orange Avenue with direct access from 489.2 linear feet of frontage on Wetherbee Road. It benefits from easy access to two of Orlando’s main arterials, the Central Florida GreeneWay (FL 417) and Florida’s Turnpike (FL 91) and is less than a 10-minute drive to the Orlando International Airport (MCO). MCO is now the nation’s 2nd largest airport (for origination/destination traffic) and the busiest airport in Florida with a record of 57.7 million passengers in 2023, a 15.1% increase over 2022. The estimated annual economic impact from the airport alone is over $41 billion and growing, with the $4.2 billion Phase I expansion now complete and fully operational.
Recently annexed into the City of Orlando, the Site consists of 3 tax parcels containing 165.3± acres with most of the Site zoned I-G (Industrial General District), and a small portion containing the remaining wetlands zoned C (Conservation District). The future land use for most of the Site is INDUST (Industrial) with a small portion containing the remaining wetlands C (Conservation). In addition, 2 vacated Right of Ways will likely be included in the sale of the property and contain approximately 3.0± acres.
Location Overview
The Site is strategically located just off Orange Avenue, with direct access from Wetherbee Road. Access to the traffic signal at the interchange of Wetherbee Road and Orange Avenue is just 1,000 linear feet to the north. Access to the traffic signal at the interchange of Wetherbee Road and East Wetherbee Road is less than one mile to the south.
The property is approximately 6.5 miles from I-4, which is accessible via FL-417 or Florida’s Turnpike (FL-91). The highway access connects the property to Orlando and surrounding Central Florida markets. The Site is approximately 3.8 miles from Orlando International Airport and 9.3 miles from Downtown Orlando.
Interest Offered
Colliers is offering the fee simple interest in OUC’s ±168.3-acre development site located in the Orlando MSA, on an “as-is, where-is” basis to select industrial developers.
Site Inspections and Due Diligence Information
All questions regarding the offering of the Site should be directed to Colliers who will also respond to all requests for Site tours.
Colliers has compiled Due Diligence relating to the Site that is available for review through a virtual data room that is available to prospective purchasers.
Offering Terms
The Site is being offered without an asking price.
Groveland Industrial Site | 34.33± Gross Acres | Investment Opportunity
Under Contract
For more information as well as the offering memorandum, please visit the property website here or contact Joe Rossi, CCIM at (407) 230-2809.
New Drone Video LINK HERE
Offering Overview
The Opportunity
Colliers, as exclusive agent for Lake County and adjacent private owner, is pleased to offer the rare opportunity to acquire the fee simple interest in 2 prime industrial development sites (Parcel A – 2.59± acres and Parcel C – 26.46± acres) containing a total of 29.05± gross acres located in Groveland, FL. In addition, a contiguous 5.28± gross acre parcel (Parcel B) is available separately from a 3rd party owner providing the ability to assemble a contiguous development site of 34.33± gross acres (collectively the “Sites”). Lake County and the City of Groveland have one of the fastest growing and most dynamic industrial development environments in Central Florida providing ideal conditions for high industrial demand to continue fueling a rapid expansion of bulk distribution and warehousing projects.
Location Overview
Located within the highly desirable Christopher C. Ford Commerce Park, the Sites are minutes from the recently expanded full access interchange at the Florida Turnpike (SR 91) and US Highway 27 in the City of Groveland. The Sites benefit from best of class visibility and exposure with 325 linear feet of frontage on US Highway 27 (ADT: 30,500) and over 1,650 linear feet of frontage with multiple potential access points on Independence Boulevard (ADT: 19,200), the main north-south road through the park. With immediate access to US Highway 27, State Road 50, and State Road 19, freight can be easily transported conveniently throughout the entire Orlando MSA and beyond via The Florida Turnpike (SR 91), Interstate 4, & Interstate 75 thoroughfares.
Interest Offered
Colliers is offering the fee simple interest in Lake County’s parcel A of 2.59± acres and parcel C of 26.46± acres, on an “as-is, where-is” basis. Separately, Colliers is offering the fee simple interest in parcel B of 5.28± acres on an “as-is, where-is” basis.
Site Inspections and Due Diligence Information
All questions regarding the offering of the Sites should be directed to Colliers who will also respond to all requests for site and/or building tours. Colliers has compiled Due Diligence relating to the Sites that is available for review through a virtual data room that is available to prospective purchasers.
Offering Terms
The Sites are being offered without an asking price. Parcels A and C are being offered through the submittal requirements outlined below. Offers for Parcel B should be presented separately via a standard non-binding letter of intent.