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LOCATION AND MARKET SUMMARY
The Property is located at “Main and Main” in the northwest quadrant of the intersection of S Orange Avenue and W Church Street in the core of Downtown Orlando, Florida. While Orlando is widely recognized as a tourist destination, it is also headquarters for many national and international companies and home to countless colleges and universities, including Valencia College with in excess of 70,000 students. In addition, the City of Orlando consistently ranks as one of the best places in the nation to launch and operate a business, and recently, Entrepreneur Magazine touted Orlando as being “one of the most highly coordinated entrepreneurial engines in the country.” The Downtown area has seen a major revitalization in recent years with the addition of multiple residential condo and multi-family towers and now has a population in excess of 43,000 people. The recent addition of the Amway Arena (2010) and the Dr. Phillips Performing Arts Center (now under construction) has added and will continue to add a major cultural focus on the south end of downtown. This is feeding a major revitalization of Church Street, which has now emerged as the central retail and gathering area for these cultural offerings.
INVESTMENT CASE/HIGHLIGHTS
Location/Visibility – The building is located in the northwest quadrant of the intersection of South Orange Avenue and West Church Street, providing a “Main and Main” address and exposure that virtually no other building can duplicate. Office users strongly desire the Orange Avenue address, and Church Street provides a multitude of retail and entertainment options for any office user. The building is in close proximity to hotels including the Grand Bohemian Hotel and the Aloft Hotel, which is now under construction at 500 South Orange Avenue (the former OUC administrative building). Given the street level exposure the building provides, a retail use on the ground floor is definitely an option for any buyer of the property.
Historical Designation/Classic Timeless Architecture – The building was designed by Orlando-based architect Howard M. Reynolds, who is also credited with designing the following Orlando buildings: Jones High School, Winter Park High School, Princeton School, and First Congregational Church of Winter Park. The classic and timeless nature of the design has held its place in the hearts of Orlando residents since it was built and will continue to do so for many years to come.
Current Owner/User was Meticulous with Maintenance & Capital Requirements – The current owner has occupied the building since the early 1970’s and maintained the property in a thorough and systematic manner. Due to the long-term ownership horizon, any capital expenditure that was considered was typically implemented at the early stage of consideration.
Strong Supply Constraints – There is a lack of available land for development within Downtown Orlando so a very limited amount of office product will be developed well into the future. This asset will be poised to take advantage of a cost basis at a significant discount to both replacement cost and the majority of the competition’s cost basis.
Investor Opportunity to Create Value through Lease-up/Redevelopment – An investor will be able to take advantage of the improving office and retail markets through lease-up and re-tenanting of the vacant space. This will create the opportunity for near-term value creation as the market improves.
OFFERING PROCEDURE AND TIMING
Offers should be submitted in Letter of Intent format along with any background information on the buyer that should be taken into consideration. Owner and LPC will assess the qualifications of any party submitting an offer to purchase the Portfolio or any portion thereof in accordance with owner’s objectives. In making the assessment, owner will consider a number of factors including, but not limited to: pricing, timing of closing and the perceived ability of the investor to complete the transaction.
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