Sean Glickman, CCIM, with the Milano–Glickman Retail Team and Managing Director at Colliers International is proud to offer for sale the Heathrow International Business Center, a 24,497 square foot office building located in the Heathrow/Lake Mary submarket. The property offers excellent value-add potential as it is just 49% occupied, far below the average occupancy level of comparable office buildings within the submarket. This is an excellent opportunity to acquire a value-add office building that is superbly positioned at the gateway to one of Orlando’s strongest and most affluent office markets that boasts over 3,716,053 square feet of quality office space and is home to a diverse mix of strong local, regional, and national corporations.
ONE OF THE FASTEST GROWING MSA’S IN THE COUNTRY
- The population has grown nearly 41% since 2000 to a total of 2.32 million people.
- With one of the lowest unemployment rates in Florida at roughly 4.2%, Orlando’s economy is one of the strongest in the nation with a job growth rate of nearly 4.0% in 2016.
- Over 66 million visitors came to Orlando last year, a number that is expected to increase.
- Orlando boasts World-famous attractions such as Walt Disney World, Universal Studios, Sea World, International Drive, and many more.
VERY AFFLUENT SUBMARKET WITH GREAT DEMOGRAPHICS
- The Heathrow/Lake Mary submarket is one of Orlando’s most affluent submarkets.
- Lake Mary/Heathrow voted the 4th best place to live in America by CNN Money Magazine.
- Average household net worth of $1,100,000 within one (1) mile radius.
- Within a three (3) mile radius there are over 50,000 people with an average household income of $109,645.
- Surrounded by multiple upscale, single family home neighborhoods and golf course communities.
EXCELLENT VALUE-ADD POTENTIAL
- Extreme value-add potential with 51% vacancy.
- The average occupancy rate for office properties in the submarket is above 90%.
- The average rental rate for office space is roughly $20/SF.
- The prospective purchaser has the potential to drastically increase the in-place NOI.
- Merrill Lynch pays rent until January 1st 2018. Additional income of $70,000.
MAIN AND MAIN INTERSECTION
- Located at one of Heathrow’s main intersections, West Lake Mary Boulevard and International Parkway.
- The property is superbly positioned at the gateway to one of Orlando’s strongest and most affluent office markets that boasts over 3,716,053 square feet of quality office space and is home to a diverse mix of strong local, regional, and national corporations.
- Within close proximity to a wide range of amenities.
