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CareSpot, Orlando, FL

CareSpot

Orlando, Florida 32828

Price $2,500,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type Net, with Tenant Responsible for Taxes, Insurance, and Maintenance, Excluding Roof and Structure
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2021
Building Size 3,500 SF
Lot Size .75 Acres (32,681 SF)
Status Sold
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

10-YEAR NET LEASE TO GROWING HEALTHCARE PROVIDER
» Leased to CareSpot of Orlando for ten years plus two (2) five-year options
» 10% rental increases every five years in initial term and options, providing a hedge against inflation
» Net lease with limited Landlord responsibility
» CareSpot offers immediate medical attention and treatment at 91 locations nationwide, with more locations in development
» Lease is guaranteed by Solantic Corporation and Orlando Health Inc, one of the largest private health providers in Florida with over $7.1 billion in assets under management, providing a strong guaranty of a highly successful and longstanding business. Orlando Health is also the 4th-largest employer in the Orlando MSA

HIGH-TRAFFIC LOCATION ON MAJOR ORLANDO COMMERCIAL THOROUGHFARE
» Located near the signalized hard-corner of Avalon Park Boulevard and Golden Isle Boulevard, with excellent visibility and access to 32,984 vehicles per day
» Avalon Park Boulevard is the main route through Avalon Park, an 1,860-acre walkable community with approximately 3,400 single-family units, 1,431 multi-family units, and more than half a million square feet of commercial space
» The site is strategically placed in Spring Isle, a new mixed-use development to feature AutoZone, Chase Bank, and approximately 90 housing units within Avalon Park
» Within walking distance of Walmart Neighborhood Market, AutoZone (under construction), Chase Bank (under construction), McDonald’s, Great Clips, 7-Eleven, Taco Bell, Pep Boys, Burger King, and more
» Close proximity to several highly attended Orlando schools, including Timber Creek High School (3,476 students) and East River High School (2,043 students)

STRONG CUSTOMER BASE IN RAPIDLY GROWING COMMUNITY
» 138,127 residents live within a five-mile radius of the property, providing an extremely large customer base for the site
» Located in an extremely affluent area, with a high average annual household income of $112,181 within one mile of the property
» Projected 14 percent average annual household income increase within one mile of the site in the next five years, poising CareSpot and Orlando for significant concurrent growth

NEW 2021 CONSTRUCTION IN AN INCOME TAX-FREE STATE
» High-quality construction expected to be completed in Q2 2021
» Located in an income tax-free state


Property Description

SOLD

The property is strategically located at the signalized hard-corner of Avalon Park Boulevard and Golden Isle Drive, with excellent visibility and access to 32,984 vehicles per day. Avalon Park Boulevard is the main route through Avalon Park, an 1,860-acre walkable community with approximately 3,400 single-family units, 1,431 multi-family units, and more than half a million square feet of commercial space. The location is strategically placed in Spring Isle, a new mixed-use development to also feature AutoZone (under construction), Chase Bank (under construction), and approximately 90 housing units (under construction) within Avalon Park. The property is within walking distance of Town Center at Timber Springs—a shopping plaza anchored by Walmart Neighborhood Market—as well as 7-Eleven, Taco Bell, Pep Boys, Burger King, and more. The site also maintains a beneficial proximity to several highly attended Orlando schools, including Timber Creek High School (3,476 students) and East River High School (2,043 students).

The property is centrally located within a rapidly growing area and benefits from a strong customer base. The property is surrounded by residential neighborhoods, and future residential development is planned nearby. Currently, 138,127 residents live within a five-mile radius of the property. Between 2010 and 2018, the population grew by approximately 14 percent within five miles of the property and more than 18 percent within one mile. Current projections show a 14 percent average annual household income increase within one mile of the site in the next five years as well, poising CareSpot and Orlando for significant concurrent growth. Additionally, the surrounding community has affluent demographics, with a high average annual household income of $112,181 within one mile of the property.

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