North Lake Business Park_Property for Sale

370-774 Northlake Blvd, Altamonte Springs, FL, 32701-5244, US

North Lake Business Park

Asset Description

JLL Capital Markets (“JLL”) is pleased to exclusively offer the opportunity to acquire North Lake Business Park (the “Property”), a multi-use business park in the Orlando MSA. This premier offering includes fifteen single-story buildings totaling 271,988 square feet on nearly 30 acres fronting Interstate 4 in Altamonte Springs. North Lake Business Park offers unique, flexible layouts for office, medical, and flex tenants. The Property includes roll-up doors, NNN and full service suites, and convenient surface parking with walk up access. This opportunity provides investors excellent yearly cash flow from a diversified tenant roster AND leasing upside in one of Orlando’s most affluent and growing suburbs.

North Lake Business Park boasts outstanding visibility due to a half-mile of frontage along Interstate 4 (158,000 VPD), Orlando’s most traveled thoroughfare. The Property’s centralized location offers high convenience for commuters, providing direct access to the 2.8 million people living in the Orlando MSA. The recent completion of the I-4 Ultimate Project, which involved substantial enhancements to the two nearest interchanges from the Property, as well as the addition of express lanes, has resulted in significant improvements in drive times and accessibility

...

Attributes

Building area Gross

25,269 m²

Occupancy

84.00%

Year built

1987

Media

Investment Highlights

Excellent In-Place Cash Flow

North Lake Business Park offers predictable cash flow with strong tenant retention and minimal exposure to large tenants

Strong Historical Occupancy

The Property’s 4-year average historical occupancy is 90%

Significant Upside Potential

A new owner will have the opportunity to boost NOI through lease up of 40,000 vacant SF and rolling tenants from an average rental rate that is currently 10% below market

Flexible Suites for Diversified Uses

The Property features business, flex and medical space with 60 roll-up doors and convenient direct access parking

Highly Visible Location and Acess

North Lake Business Park features 0.5 miles of direct frontage on Interstate 4 and direct East/West on/off ramps located less than a half mile North of the property via SR436

Proximity to 398-Bed Hospotal and Retail Amenities

The Property sits less than two miles from AdventHealth Altamonte Springs Hospital and less than one mile from an abundance of quick-service and fine dining restaurants, shops and entertainment venues

Robust Orlando MSA

Orlando has one of the fastest growing economies in the Southeast, and is the fastest growing MSA in Florida