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JLL Capital Markets, as exclusive broker, is pleased to offer the excellent opportunity to acquire Oviedo Park Crossing, a 186,212 square foot open-air shopping center anchored by Bed Bath & Beyond, TJ Maxx, Ross Dress for Less, Michaels, Office Depot, PetSmart, and Shoe Carnival, located directly adjacent to the heavily-trafficked SR-417 in Oviedo (Orlando), Florida, one of the most affluent communities in Florida.
SUCCESSFUL & SEASONED BELOW-MARKET ANCHORS PROVIDING STRONG CONTRACTUAL NOI POTENTIAL
- The weighted average anchor base rent is low and every anchor has a history of renewal: TJ Maxx (3x), Ross (3x), Michaels (3x), Office Depot (2x), PetSmart (2x), Shoe Carnival (2x), and Bed Bath & Beyond (1x).
- The Property is the most successful open-air center in the region, providing ideal anchor store spacing between Winter Park (7 miles southwest), Waterford / Alafaya (7.2 miles south), and Altamonte Springs (8.5 miles west).
- Ross and Office Depot both have one remaining renewal option and a history of renewal, creating a mark-to-market opportunity and significant NOI growth potential within a 10-year hold period.
OVIEDO – TOP FAST GROWING, AFFLUENT, AND EDUCATED COMMUNITY IN ORLANDO
- Oviedo is a top choice to live and has some of the highest income demographics in Orlando, evidenced by an average household income of more than $115,000 within 3 miles.
- The 4 largest Class A office markets in Orlando, including in the nation’s 7th largest research park in Central Florida Research Park, are located within a 20-minute drive.
- Oviedo is directly adjacent to University of Central Florida (UCF), the 2nd largest public university in the U.S., which combined with executive resident bases results in nearly 52% of the population having a bachelor’s degree or higher within 3 miles.
DOMINANT EAST ORLANDO RETAIL AND MEDICAL HUB
- Advent Health and Oviedo Medical Center, two of the largest hospital systems in the U.S., have medical campuses located adjacent to the Property.
- The 950,000 SF Oviedo Mall, located directly north of the Property, is ripe for redevelopment due to the super-regional access provided via SR-417 (81,000 VPD), affluent residential communities, and outstanding nearby retail and medical amenities.
- Oviedo Mall’s redevelopment into a mixed-use community with 250 apartments, a senior living facility, and a 124-room hotel is reported to be completed by 2026.