Excerpted from Orlando Business Journal story on 2-acre retail center at 415 S. Orlando Avenue in Winter Park, Fla.
The location of the property is significant, as it’s in Winter Park, which is one of the top retail submarkets in Central Florida. The Winter Park/Maitland submarket had an average retail asking rate of $20.03 per square foot, which is higher than Orlando’s average of $17.50 per square foot, Colliers International Central Florida reported. Retail vacancy rates in the Winter Park/Maitland submarket were 6.9 percent, which is higher than Orlando’s 5.4 percent average.
It’s also in a retail sweet spot between Lee Road and Fairbanks Avenue, near four grocery stores and higher-end retailers including Nordstrom Rack, Sephora and Ulta. That makes land and retail leases more valuable, as evidenced by the recent sale of Center of Winter Park, which traded hands for $72.8 million in August. The deal for the 244,977-square-foot shopping center was among the largest for a retail property in 2018. “That corner is one of the best corners in Winter Park,” Terrence Hart, a senior director with Franklin Street, previously told OBJ.