Southport Medical Center
Closed3350 W Southport Rd, Kissimmee, FL 34746
Property type
Retail
Unit / Space count
6
Price
$12,300,000
Building size
37,454 sf
Rentable area
37,454 SF
Year built
Year renovated
Occupancy
100%
APN
08-27-29-448-0001-0050, 08-27-29-5043-0001-0020
Zoning code
Commercial
Lot size
3.86 Acres
Price per Unit
$2,050,000
Price per SF
$328.40
Property description
Franklin Street Investment Services is proud to present Southport Medical Center. This package has two buildings on separate folios with a combined 34,161 rentable square feet on a combined 168,141 SF (3.86 Acres) lot. The buildings were constructed in 2006 and 2012. The center is currently occupied by 10 unique tenants featuring a Domino’s Pizza and Quest Diagnostics, many of which have over 5 years remaining on their leases. Tenants have strong rents with attractive escalations built-in. Some of the tenants have recently moved into the building over the last 5 years, and many have been in the plaza for 10 years, showing a commitment to Poinciana as the area's population has grown over 20% in the past 10 years. The property is located a short distance from the epicenter of Poinciana's primary retail node. The subject property is down the street from Poinciana Towne Center, a Walmart Supercenter anchored shopping complex. Furthermore, major developments in the immediate vicinity are The Promenade, a Publix anchored neighborhood center, and Solivita Marketplace, a mixed-use project anchored by Walgreens, and The Pointe, anchored by Lowe's Home Improvement Distribution center which is one of the largest employers and traffic generators in the area. Additionally, the subject property is in close proximity (3-miles) to Poinciana Medical Center (PMC), a recently constructed four-story, 150,000 square foot hospital with over 75 private hospital beds, that serves the growing healthcare needs of the Poinciana community.
Property highlights
- Generated multiple written competitive offers throughout the marketing period
- Exclusively represented the seller in this transaction
- First-time property (composed of 2 buildings) trades in the marketplace since being built (2006 & 2012)
- Sold within 3.5% of the asking price to a 1031 Exchange buyer
- 37,454 SF multi-tenant strip center at 100% occupancy with all tenants on Absolute NNN leases
- Strong tenant mix including: Quest Diagnostics, IMA Medical Group, Cora Health Services, and Domino’s, among other notable tenants
- Medical tenants account for 72% of rental income with 80% of tenants having 10+ year tenure at the property, some of which have made recent significant capital improvements
- Large land coverage of 3.86 acres with great frontage and situated in a highly dense residential market