University Retail Center
11565 University Boulevard |Orlando, FL 32817
Drew A. Kristol
Kirk D. Olson
First Vice President Investments
10,518-Square-Foot Shopping Center with Nationally Recognized Tenants
Fully Occupied by Internet Resistant Tenant Mix
One Mile from University of Central Florida Largest University in the U.S.
57,500 Vehicles Per Day on University Boulevard
Several Commercial Developments Underway in the Immediate Area
Marcus & Millichap is pleased to offer for sale University Retail Center, a 10,518-square-foot shopping center occupied by local and nationally recognized tenants including IHOP, Jimmy Johns and Cold Stone Creamery. The property consists of a five-unit 5,918 square-foot strip center and a 4,600-square-foot freestanding building occupied by IHOP. The center is 100 percent occupied with approximately 78 percent of the gross leasable area having been occupied by the existing tenants for nine years or more. With lease expirations staggered out over the next 10 years, an investor can expect a stable income stream for years to come. All leases are triple-net with the exception of Cold Stone Creamery, which has a modified gross lease. University Retail Center is ideally located on University Boulevard which is trafficked by over 57,500 vehicles per day. University Boulevard serves as the main route to and from University of Central Florida and features many national retailers such as Starbucks, Wendys, Chick-Fil-A, Buffalo Wild Wings, Ruby Tuesday, Panera Bread, Jersey Mikes Subs, Tijuana Flats, Zaxbys, Chipotle, Steak n Shake, Wawa, Applebees, Smoothie King and many more. The subject property is located just one mile from University of Central Florida, which has the largest enrollment of any university in the United States. The University currently has 66,183 students enrolled, which the subject propertys tenants are perfectly suited to serve. Enrollment at the University has grown by approximately 6 percent over the last five years. The area surrounding the University has experienced an influx of new developments in recent months, with a new shopping center proposed less than a half-mile from the subject property on University Boulevard. Some of the areas other proposed or recently completed developments include a 150-room hotel, 177-unit apartment building, as well as nearly 360,000-square-feet of office space.
The Greater Orlando metropolitan area has a population of approximately 2.13 million people making it the third largest MSA in Florida. The metro grew by 60,000 resident last year, outpacing Tampa by approximately 9,000 new residents. The increase represents the fifth largest population increase in the United States, surpassed only by Dallas, Phoenix, Houston and Atlanta. Orlando is nicknamed The Beautiful City and is also known as the theme park capital of the world. Walt Disney World, the Universal Orlando Resort and Sea World, in addition to many other local attractions brought in a record breaking 75 million visitors to Orlando in 2018, making Orlando the most-visited destination in the United States.