FOR SALE 47.12 AC RETAIL/ MULTIFAMILY LAND · was approved in 2007. Creekside Center included over...

47.12 AC RETAIL/ MULTIFAMILY LANDRINEHART ROAD & ST JOHNS PARKWAY NEQ, SANFORD, FL 32771

FOR SALE

WALMART SUPERCENTER

GATEWAY PLAZA

PARCEL 116.78 AC

PARCEL 230.34 AC

SEMINOLE TOWNE CENTER

MALL

MARKETPLACE AT SEMINOLE TOWNE CENTER

SANFORD INFINITI

COURTESY/ AUTONATION

ACURA

AUTONATION HONDA

SANFORD

MERCEDES-BENZ OF NORTH

ORLANDO

DAVID MAUSCHEVROLET

DAVID MAUSTOYOYA

COLONIAL TOWN PARK

FIELDS CHRYSLER JEEP

DODGE SANFORD

AUTONATION FORD

SANFORD

www.creeksidecbre.com

CREEKSIDE CENTER – RINEHART / ST JOHNS NEQ – SANFORD, FL

Total Acreage 47.12

Potential RetailParcel

Size and dimensions are flexible and subject to developer plan

Dimensions Flexible

ZoningPD Planned Unit Development (see comments on Page 3 about past development approvals)

Future Land Use

WIC – Westside Industry & Commerce – aimed at promoting a regional employment center along the State Road 46 corridor. Permits a mix ofcommercial, office and residential land uses. Maximum FAR is .50 and maximum residential density is 20 units / acre.

Electric Florida Power & Light

Sewer City of Sanford

Potable Water City of Sanford

Telephone Bellsouth

PROPERTY OVERVIEW

SITE

The subject property is identified as being in Flood Zone A as identified by Flood Insurance Community Panel No. 12117C0065F, dated September 28, 2007


Parcel 1 Parcel 2

Parcel ID 28-19-30-506-0000-0250 28-19-30-506-0000-0270

Acreage 16.78 30.34

ORIGINAL CREEKSIDE CENTER PD MASTER PLAN

Indication of Development Potential

In 1993 the property was rezoned to PlannedDevelopment (PD) by City of Sanford OrdinanceNo. 3117. In 1999 the Paulucci Upsala RoadPD Master Plan was submitted (City of SanfordOrdinance No. 3499 was adopted). This PDMaster Plan provided cross easements extendingfrom Rinehart Road through the property toUpsala Road, 16+/- acres of self-storage units,office showrooms, other allowed uses in the Rl-1zoning classification, and up to 424 multifamilyunits on 30.34 acres. The County’s storm-waterponds were shown on the plan where they stillare today, knowing that they can be relocatedanywhere on the property under the agreementreached with the Seminole County Board ofCounty Commissioner in 1992.

Later, Creekside Center, a mixed use project,was approved in 2007. Creekside Centerincluded over 1,000 multifamily units (at adensity of 25 units/acre) and 52,000 sq. ft. ofcommercial space. Development of CreeksideCenter required mitigation of on-sitejurisdictional wetlands and surface waters. At thetime the owner obtained a permit from St. JohnsRiver Water Management District to accomplishthe mitigation needed.

Even though both of these PD’s have expired,they provide an indication of the various landuses and densities that have been submitted andapproved for development in the past for theproperty.


CONCEPTUAL SITE PLAN

NOT A PART

NOT A PART


PARCEL 116.78 AC

PARCEL 230.34 AC

SEMINOLE TOWNE CENTER MALL

COLONIAL TOWNPARK

WESTERN BELTWAYQ2 2020

WALMART

DOWNTOWN SANFORD

WALMARTSUPERCENTER

HEATHROW COUNTRY CLUB

SUBMARKET AERIAL


WALMART SUPERCENTER

SEMINOLE TOWNE CENTER MALL

RETAIL SUBMARKET AERIAL

SUPERIOR SHOPPING/DINING/LIFESTYLE OPTIONS NEARBY

The site boasts easy access to top demand drivers nearby including Colonial TownPark at Lake Mary, which includes Class “A” office space, a Westin Hotel,

AmStar Cinema, Publix, and upscale dining options like Shula’s, FishBones, Dexter’s, Amura Sushi, and Ruth’s Chris Steakhouse. Additionally, the property is

within walking distance of the Seminole Towne Center, a 1.2-million-sq.-ft. enclosed shopping mall featuring 120 stores and world-renowned tenants such as

Macy’s, JC Penney, Dillards, Dick’s Sporting Goods, and H&M.

NEAR MANY OF ORLANDO’S

FINEST RETAIL AND DINING

Within a 5-minute Drive of:

- 2 movie theaters;

- 4 grocery stores;

- 4 hotels; and

- Numerous high-end dining choices.

ColonialTown Park at Lake Mary,

Seminole Towne Center Mall, and

Marketplace at Seminole Towne

Center comprise the primary retail hub

in Seminole County.

These three projects combine to

represent nearly 2 million SF, and

boast upscale restaurants and retailers

including Ruth’s Chris, Shula’s Steak

House, FishBones, Panera, Macy’s,

AmStar Cinemas, Publix, Dexters, and

Amura Sushi.

shop

dine

lifestyle

SANFORD/LAKE MARY SUBMARKET

Creekside is located in the Sanford/Lake Mary area of Seminole County, less than five minutes from the metro’s highest concentration of white collar employment outside of the Orlando CBD.

Highlights Include:

• Lake Mary is a hub for communications, technology, and finance companies.

• 7MM Sq. Ft. of Class “A” office space in the Lake Mary/Heathrow office submarket. Major employers: AAA (global HQ); Convergys; Chase; Symantec; BNY Mellon; Central Florida Regional Hospital; Mitsubishi-Hitachi Power Systems (North American HQ). Noteworthy ownership includes DRA Advisors, Banyan Street Capital and Equity Partners.

• Phenomenal employment growth – Verizon is adding 750 jobs in their new $50MM accounting center, and Deloitte recently leased 130,000 sq. ft. here to house over 1,000 new positions with an average annual salary of $61,000.

• Piedmont Office Realty Trust recently broke ground on a new 135,000-sq.-ft. office building less than 1-mile away from the property that will be anchored by Continental Casualty Co. (CNA), taking over 100,000 sq. ft. of the new building.

• Additional plans by Piedmont call for a large mixed-use development called “TownPark Commons” to include: 800,000 SF of Office space; 250-room Hotel; 94,000 SF of Retail; and Structured parking for 3,960 cars.

Piedmont’s New 135,000-sq.-ft. “500 TownPark” Office Building Under Construction

TOP EMPLOYERS IN THE AREA

Company Name Industry Employee Count

Convergys Semiconductor Mfg 2,500

Chase Card Services Business Services 2,000

Deloitte Information Technology 1,000

Central FL Regional Hospital Healthcare 900

Symantec Technology 800

Verizon Business Services/Tech 750

AAA Business Services 689

Pershing Financial Services 670

The Hartford Insurance 650

CFE Credit Union Financial Services 433

Sungard Public Sector Administrative 383

American Pioneer Life Insurance 300

Fiserv Wholesale Trade 300

Siemens Communications 300

Marriott Hospitality 208

Liberty Mutual Insurance 100

Deloitte’s New Offices in Lake MarySTRONG WHITE-COLLAR EMPLOYMENT GROWTH

LAKE MARY / HEATHROW / SANFORD

Creekside is located in the Lake Mary / Heathrow / Sanford submarket, one of Orlando’s top white-collar employment hub.

STRONG LOCATION

The Lake Mary / Heathrow / Sanford submarket is a dynamic area within Orlando that boasts convenience, affluent residents and leading employment growth rates.

The region is quickly gaining national recognition as a place for stellar job growth and as a great place to live. Neighborhoods here have developed rapidly over the past ten years as growth from Orlando continues to push north. There are several high-quality office, retail, and residential developments which have made the submarket one of the most desirable in the Southeast.

In fact, Lake Mary/Heathrow/Sanford has the MSA’s largest concentration of Class “A” office space outside the Orlando CBD. It is also designated as a ‘targeted industry district’ to support and promote economic development. Not surprisingly, the area continues to draw attention as a premier locale for business relocation and investment in Central Florida.

EXCELLENT ACCESS TO METRO ORLANDO

Creekside provides exceptional convenience and ease of access to all that Orlando has to offer. Whether it be in Lake Mary, Sanford or the greater Orlando metro area, few competitors can match this superior location. It provides direct routes to local employment hubs as well as some of the finest shopping and dining selections Orlando has to offer. The property also offers excellent access to:

• Interstate Highway-4 “I-4” (Downtown Orlando/Area Theme Parks)

• S.R. 417 (University of Central Florida/Orlando International Airport)

• S.R. 528 (Orlando International Airport/Beaches)

• Florida’s Turnpike (North & South Florida Locations)

3.4% Effective Rent Growth in the Lake Mary/Sanford Submarket in 2016(Source: AxioMetrics)

MAJOR EMPLOYERS ARE EXPANDING

Diverse and growing employment opportunities provide for a strong tenant pool in this submarket of the Orlando metro area. Job growth is currently the big story in Orlando, and the companies expanding in this submarket are national and global firms that are bringing higher-paying, white-collar jobs to the area.

Most recently, CNA insurance agreed to lease over 100,000 sq. ft. in a new 135,000-sq.-ft. office building being constructed by Piedmont Office Realty Trust (NYSE: PDM) at Colonial TownPark, just 3.2-miles from Creekside.

Additionally, Mitsubishi-Hitachi Power Systems announced that the company is re-locating its North American headquarters to the Lake Mary / Sanford area of Orlando. This news will expand the multi-national industrial firm’s current presence in the region and add over 100 new high-paying jobs over the next five years.

Verizon opened a new 220,000 SF, $50 million finance and accounting headquarters in 2014 called the “Center of Excellence”

LAKE MARY / HEATHROW / SANFORDJob growth is the big story in Orlando right now and Creekside is well-positioned to take advantage of this significant trend.

Deloitte opened a new 130,000 SF U.S. Delivery Center in late 2014 which is slated to create more than 1,000 new high-wage jobs.

Most recently, global technology brand Mitsubishi-Hitachi announced the relocation of their North American headquarters to Lake Mary after signing a lease for over 75,000 square feet at 400 TownPark.

8.8 million SFof Office space

9.4 million SFof Retail space

WITHIN 5-MILE RADIUS:

DISTANCE TO:

Seminole Towne Center Mall............... 1.0 mile

Central Florida Zoo.............................. 3.1 miles

Colonial TownPark............................... 3.2 miles

Lake Mary-Heathrow Office Park..... 3.5 miles

Sanford Riverwalk................................ 4.4 miles

Lake Mary SunRail Stop....................... 5.3 miles

Orlando-Sanford Int’l Airport.............. 9.2 miles

Downtown Orlando.............................. 21.4 miles

Daytona Beach..................................... 33.0 miles

Walt Disney World............................... 37.5 miles

LAKE MARY / HEATHROW / SANFORD

TRANSPORTATION AND EDUCATION IS READILY AVAILABLE

A growing population driven by strong white-collar job creation supports additional upscale retail, education and infrastructure development. Creekside is well-positioned against its competitive set due to its quality location with superior access to major highways (I-4 and S.R. 417) and Orlando’s newest mass transportation system called “SunRail.”

SunRail is a 31-mile public commuter rail line providing train service from DeBary in the north metro area down to Sand Lake Road in South Orlando. The property is located 7.5 miles from the Lake Mary SunRail station, providing service to Downtown Orlando’s Central Business District and beyond.

Additionally, higher education options are easily accessible from the Lake Mary / Heathrow / Sanford area. The University of Central Florida, the nation’s second largest public university by enrollment is just 20-minutes from the property. Meanwhile, Seminole State College of Florida, a public state college, is just 9.4 miles away and Full Sail University, a specialized audio/video/film production school is located in Winter Park, just 20-minutes away from the site.

AFFLUENT RESIDENTIAL DEVELOPMENTS

The Lake Mary / Sanford area is home to some of Orlando’s most exclusive residential neighborhoods as a result of its proximity to white-collar employers. The neighborhoods of Heathrow, Alaqua Country Club, Timacuan, and Magnolia Plantation all boast upscale golf courses, while Lake Markham Preserve, Bella Foresta, Estates at Wekiva Park, and Heathrow Woods border the Wekiva River basin, providing residents a serene setting where they can see abundant wildlife including deer, turkey, and bears.

COMMUNITY NAME LOCATION HOME VALUES

Lake Markham Preserve Sanford up to $3,000,000

Alaqua Country Club Lake Mary up to $3,000,000

Heathrow Woods Lake Mary up to $2,200,000

Lake Forest Sanford up to $1,800,000

Heathrow Lake Mary up to $1,500,000

Bella Foresta Sanford up to $1,100,000

Magnolia Plantation Lake Mary up to $900,000

Estates at Wekiva Park Sanford up to $800,000

Timacuan Lake Mary up to $600,000

“SunRail” Commuter Rail System

ORLANDO SANFORD INTERNATIONAL AIRPORT

The Orlando Sanford International Airport is undergoing a $43-million expansion project that will add new gates, baggage carousels and security lanes over the next few years.

In the prior year, the airport handled nearly 2.5 million passengers, an increase of nearly 14% y-o-y. By 2018, the airport’s annual passenger count is expected to jump by another 200,000 fliers, and up to 3 million by 2030.

WORLD-CLASS SHOPPING & DINING

Located just 1-mile from the property is the Simon-owned Seminole Towne Center, a 1.2 million square foot climate controlled indoor mall featuring over 120 stores. As the main shopping destination for Seminole County, the Seminole Towne Center boasts a large selection of retailers ranging from high-end jewelers to women’s apparel to sporting goods and even a 10-screen United Artists movie theater. It is anchored by Macy’s, JC Penney and Dillard’s. Adjacent to the mall is the Marketplace at Seminole Towne Center, a regional retail power center anchored by a Super Target and featuring national retailers such as Old Navy, Marshalls, PetCo, and many others.

A few miles southwest of Creekside is Colonial TownPark, a mixed-use center consisting of 200,000 SF of retail and 870,000 SF of Class “A” office. It is home to numerous upscale restaurants and fine dining selections such as Shula’s Steakhouse, Ruth’s Chris Steakhouse, Amura Sushi, and Dexter’s.

LAKE MARY / HEATHROW / SANFORDThe Creekside site is located just minutes away from exceptional shopping and fine-dining selections.

SEMINOLE TOWNE CENTERExceptional 1.2 MM SF within Walking Distance


PARCEL MAP – PROPERTY APPRAISER


AERIAL – PROPERTY APPRAISER


2016 Estimated Demographics

1 mile 3 miles 5 miles 7 miles 10 miles

Population 7,312 50,439 116,153 173,884 318,932

Pop Growth 5 Year Projection 8,090 54,566 124,570 185,611 337,041

Average Household Income $62,657 $80,070 $79,584 $79,900 $74,696

Median Household Income $50,996 $57,723 $54,576 $55,825 $53,248Households with income over $50,000 686 3,621 7,739 12,266 23,557Households with income over $75,000 398 2,469 5,321 8,371 15,101

Population College Educated or Higher 2,111 16,694 35,177 51,877 91,056

Daytime Population (Employees) 14,794 36,373 72,489 88,895 143,636

Business Establishments 1,059 2,544 5,857 7,747 13,923

1 mile

3 miles

5 miles

7 miles

10 miles

RADIUS RING DEMOGRAPHICS


2016 Estimated Demographics

5 minutes 10 minutes 15 minutes 20 minutes

Population 19,464 96,241 223,325 420,276

Pop Growth 5 Year Projection 21,388 103,599 237,466 445,441

Average Household Income $72,813 $76,053 $77,444 $74,976

Median Household Income $55,409 $53,249 $54,425 $53,980Households with income over $50,000 1,746 6,857 16,104 32,252Households with income over $75,000 1,158 4,474 10,606 19,936

Population College Educated or Higher 6,429 28,820 65,942 126,342

Daytime Population (Employees) 25,580 62,959 113,117 220,700

Business Establishments 1,750 5,332 10,154 20,342

5 minutes

10 minutes

15 minutes

20 minutes

DRIVE TIME DEMOGRAPHICS

© 2017 CBRE, Inc. All rights reserved. This information has been obtained from sources believedreliable, but has not been verified for accuracy or completeness. Any projections, opinions, orestimates are subject to uncertainty. The information may not represent the current or futureperformance of the property. You and your advisors should conduct a careful, independentinvestigation of the property and verify all information. Any reliance on this information is solely atyour own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or relatedcompanies in the United States and other countries. All other marks displayed on this document arethe property of their respective owners. Photos herein are the property of their respective owners anduse of these images without the express written consent of the owner is prohibited.

CONTACT US

Bobby PaltaFirst Vice President+1 407 279 [email protected]

Justin BasquillSenior Associate+1 407 839 [email protected]

Shelton GranadeVice Chairman+1 407 839 [email protected]

CBRE, Inc. | Licensed Real Estate Broker200 S. Orange Avenue | Suite 2100Orlando, FL 32801 www.creeksidecbre.com

DOWNTOWN SANFORD

N

WALMARTSUPERCENTER

RETAILERS

EMPLOYERSCOLONIAL TOWNPARK

RETAILERS

EMPLOYERS

SEMINOLE TOWNE

CENTER MALLWESTERN BELTWAYQ2 2020

SITE

HEATHROW COUNTRY

CLUB

ALAQUALAKES

MAYFAIR COUNTRY

CLUB

TIMACUANGOLF CLUB

FOR SALE 47.12 AC RETAIL/ MULTIFAMILY LAND · was approved in 2007. Creekside Center included over...

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Transcript of FOR SALE 47.12 AC RETAIL/ MULTIFAMILY LAND · was approved in 2007. Creekside Center included over...