Atlantic
Coast
Property
Management
The Grove at Winter Park
Property Overview
Tenants
The Grove at Wesley Chapel, a large-format community center that includes an additional ±14 acres and 112,351 sf of retail space with Anchor tenants 24 hour fitness and Pet Supply Plus in Winter Park, Orlando MSA, Florida. The Grove at Winter Park is currently 74.5% occupied by an impressive roster of the nation’s leading retailers. The rare opportunity to purchase an "A" class asset community center in a major Florida MSA with numerous immediate value enhancement options as well as significant embedded upside from commercial and residential development to intensify the Property and further cement its position in the market.
24 Hour Fitness
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Pet Supplies Plus
Demographics
Population Density: 103,697
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Household Income: $79,005
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VPD: 36,500
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Highlights
CATEGORY LEADING AND TOP RANKED FITNESS ANCHOR
Founded in 1983, 24 Hour Fitness is a leading health club industry pioneer with
400+ locations across the U.S. and is backed by private equity investors Fitness
Capital Partners, AEA Investors, and Ontario Teachers’ Pension Plan. The 24 Hour
Fitness at the Grove is top-ranked in its district, providing secure cash flow and growth.
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DOMINANT HIGHLY-TRAVELED RETAIL CORRIDOR
The Grove is located along Winter Park’s highly traveled retail corridor, Aloma
Avenue, with visibility to approximately 35,000 vehicles per day and bookended by two signalized access points on Howell Branch Road (18,600 VPD) and Old Howell Branch Road (7,000 VPD). The retail corridor boasts national and regional retailers including Sprouts, Publix, Walmart, Kohl’s, Aldi, Pet Supermarket, Dollar Tree, and more. Further, the Property is located 1.5 miles from SR-417, Orlando’s major north/south artery with over 91,000 VPD.
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RESIDENTIAL DEVELOPMENT
New residential development with Hawk’s Crest Townhomes (700 Units) and
Vintage Winter Park Apartments (332 Units) located 1.5 miles northwest and 0.5
miles southwest of The Grove.
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DYNAMIC SHOPPING ENVIRONMENT & INTERNET PROOF TENANCY
The Grove incorporates all of the elements of modern retailing concepts. It's tenant mix of national and regional tenants, restaurants, fitness, necessity, and small shop
boutiques attract shoppers from the surrounding neighborhoods and create a
“sense of place” that cannot be replicated by the internet and is critical in today’s
retail centers. Over 90% of the Property’s leased GLA is “Internet Proof” due to the
diversification and makeup of the current tenant mix which provides experiences
and services that customers cannot find or receive online.
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PROXIMATE TO DEMAND DRIVERS
The Grove is located near significant daytime traffic drivers such as:
• ROLLINS COLLEGE - Over 3,200 students located 3 miles west
• FULL SAIL - Over 15,000 students located 1.5 miles southwest
• TRINITY PREP - Nearly 1,000 students located 0.1 miles east
• FLORIDA HOSPITAL - Approximately 2,800 beds located 2.5 miles west
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EXTENSIVE REMODEL WITH DISTINCT DESIGN ELEMENTS
The Property was recently redeveloped in 2018 with Ownership investing in
substantial capital improvements and distinct design elements including high-end
facade work, landscaping, parking lot, signage, and a new 24 Hour Fitness roof -
which will limit near-term capital expenditures.