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8545 COMMODITY CIRCLE Single Tenant Suburban Office | Orlando, Florida 33,838 SF | NNN Offering
Asking Price
$9,668,000Cap Rate
7%
INVESTMENT OVERVIEW
Cushman & Wakefield has been retained by the Owner as the exclusive agent and advisor for the sale of 8545 Commodity Circle located in Orlando, Florida, (the
“Property”). This offering includes a two-story suburban office building totaling 33,838 square feet (“sf”), which is 100% leased to Vacation Innovations, LLC as their
Corporate Headquarters through August 1, 2027. The Property is located in Orlando within the Tourist Corridor submarket, just four (4) miles east of Interstate 4. Its
central location provides exceptional access to a large and well-educated labor force, broad amenity base, and a variety of housing options.
Size (sf)
33,838
OFFERING SUMMARY
Asking Price
$9,668,000Year Built
1999Occupancy
100%In-Place Cap Rate
7%
OFFERING HIGHLIGHTS• STABLE TENANCY – The Property is the Corporate Headquarters of Vacation Innovations, LLC, who has leased the building since 2007. The Tenant has approximately
10 years remaining on its original twenty year lease term.
• EXCELLENT LEASE TERMS – The existing lease is at $20.00 per square foot triple-net with no annual escalations over the remaining term.
• DISCOUNT TO REPLACEMENT COST – 8545 Commodity Circle is expected to trade at a discount to replacement cost, providing an exceptional basis from which to compete for future tenants should the need arise.
• ROBUST SUBMARKET – The vacancy rate in the Tourist Corridor submarket fell 2.2 percentage points (pps) in the last year to end the fourth quarter of 2016 at 11.2%, which is its lowest year end level since the third quarter of 2008.
• EXCEPTIONAL LOCATION – The Property’s proximity to major arteries such as I-4, the Florida Turnpike, and the Beachline Expressway, combined with the ease of access to Orlando International Airport, make this a prime location. The Property is minutes away from Universal Studios, Sea World, and Walt Disney World, and just north of the Ritz-Carlton luxury resort. The Orlando area was rated #1 in job growth for 2016, and is 2017’s 2nd fastest-growing metropolitan city, as well as the 3rd best city to invest in housing according to Forbes.
• STRONG SUBMARKET DYNAMICS – The Tourist Corridor submarket has an overall vacancy rate of 11.2%, which is below the overall market average.
• UNRIVALED JOB GROWTH – The Orlando MSA ranked #1 in the country for job growth in 2016, adding 50,300 jobs while maintaining an unemployment rate of 4.2% according to the Bureau of Labor Statistics.
Single-Tenant
Vacation Innovations, LLC
PROPERTY DESCRIPTION
8545 Commodity Circle is a two-story, suburban office building containing
33,838 square feet and was purchased in 2007. Built in 1999, the Property
has a brick façade and tinted glass, giving it a distinctive and classic look.
8545 Commodity Circle has been well-maintained. This attractive building
has high-quality interior finishes, including an open foyer, conference
rooms, and break room. The building sits on 2.54 acres of beautifully
landscaped grounds with mature trees and a rear picnic area, creating a
park-like setting. The Property provides a parking ratio of 3.75 per 1,000 SF.
TENANT DESCRIPTION
Vacation Innovations is headquarted at 8545 Commodity Circle with an
additional office in Exeter, NH. With a workforce of more than 300 people,
Vacation Innovations includes the brands SellMyTimeshareNOW.com,
VacationOwnership.com and ResortRentals.com. Founded in 1999, the
company offers online advertising services for by-owner timeshare resales
and rentals, licensed timeshare brokerage, and customized owner services
to timeshare resorts, HOAs, resort developers, and timeshare management
companies. In 2012, Vacation Innovations announced its strategic acquisition
of SellMyTimeshareNOW.com. The merger creates one of the world’s largest
resale timeshare and vacation ownership e-marketing companies with a
remarkable capacity to expand the use of next-generation technology in
vacation ownership resales and vacation rentals. The company’s specialized
travel centric marketing drives almost 6 million visitors per year to its family of
websites.
PROPERTY POSITIONING
The Property is located along the west side of Commodity Circle Drive in Orlando just
south of Sand Lake Road, East of Interstate-4, North of the Beachline Expressway,
and West of Florida’s Turnpike. This prominent location affords excellent access
to Orlando’s employment base and access to numerous major commercial arterial
roads. Within a one-mile radius, there are a number of eating establishments as well
as numerous banks, hotels, golf courses, and support retail, providing an abundant
amenity base. The area also enjoys a diverse housing market with the highly affluent
Ritz Carlton a mile away. The excellent location will enable the building to be quickly
backfilled in the unlikely event that the existing tenant were to vacate in the future.
Matthew McKeever, CCIM, SIORSenior Director +1 407 541 4416 [email protected]
Richard Solik, MCRSenior Director +1 407 541 4389 [email protected]
20 N Orange AvenueSuite 300Orlando, Florida 32801 USA
Brokers representing purchasers must look to their clients for a commission. No warranty of representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. It is your responsibility to independently confirm its accuracy and completeness.
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ORLANDO, FLORIDA
8545 Commodity Circle