Multi-Tenant Office Investments

Multi-tenant Office Investments

Maury L. Carter & Associates, Inc.’s clients’ multi-tenant office investments (past and present) include:

Orlando Medical and Professional Center, 37,000 SF, Orlando, Florida

Winter Park Plaza, 113,000 SF, Winter Park, Florida

4130 Salisbury Road, 44,825 SF, Jacksonville, Florida

4237 Salisbury Road, 85,000 SF, Jacksonville, Florida

Cigna Building, 46,000 SF, Jacksonville, Florida

Harry E. James Building, 31,000 SF, Jacksonville, Florida

Life of the South Building, 77,000 SF, Jacksonville, Florida

Studio Plaza/Brookwood Medical Plaza, 75,000 SF, Orlando, Florida

In September, Unicorp's and Maury L. Carter & Associates' Fashion Square Land Trust bought the dirt beneath the improvements for $22.9 million, according to Orange County records. The development team is the latest to attempt to resuscitate the 838,865-square-foot mall, which has changed hands at least four times since 2004.

The redevelopment is expected to include:

1,500-1,600 mid- to high-rise apartments
500,000 square feet of retail and restaurants that may include a bowling alley, dine-in theater, indoor karting and high-end arcade
200,000 square feet of office space
A parking garage
A hotel

The future Orlando Fashion Square, which will retain the name, will be built around plush landscaping, gardens and water features. No plans have been submitted to the city of Orlando.

The architect is Orange, California-based Architects Orange, and the engineer is Raleigh, North Carolina-based Kimley-Horn & Associates Inc.

Despite the challenges, a successful project’s payoff could be a big win for Unicorp and Maury L. Carter & Associates. The demographics around Orlando Fashion Square for a mixed-use project are favorable due to the area’s high population density and affluent residents. In addition, there are many families with kids and, with a dearth of nearby entertainment options, the redeveloped mall could attract them, too.

“Fashion Square is one of the greatest potential sites in Central Florida,” retail expert John Crossman, who isn’t involved in the project, previously told OBJ. “That said, it is immensely complicated and is not for the faint of wallet.”

Apartment, retail stats

The eastside apartment submarket, which includes Orlando Fashion Square, has a 9.1% vacancy rate, which is near the Orlando-area average of 8.3%, CoStar Group (Nasdaq: CSGP) reported. In addition, the submarket's average apartment rental rate is $1,343 per month, slightly higher than the Orlando-area average of $1,310, showing demand for apartments.

Meanwhile, the downtown Orlando retail submarket, which includes Orlando Fashion Square, has a 6.9% vacancy rate, which is slightly higher than the Orlando-area average of 5.8%, according to Colliers International Central Florida. That shows demand for retail space in the submarket. In addition, the submarket's average monthly retail rental rates are $29.76 per square foot, well above the Orlando-area average of $18.87 per square foot. That shows demand in the area for new shops and restaurants.

Source: https://www.bizjournals.com/orlando/news/2020/07/06/unicorp-fashion-square-mall-groundbreaking.html

Maury L. Carter & Associates, Inc.’s clients’ multi-tenant office investments (past and present) include:

Property Locations

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Recent Transactions

Dirt deal

Apartment, retail stats

Multi-tenant Office Investments

Maury L. Carter & Associates, Inc.’s clients’ multi-tenant office investments (past and present) include:

Property Locations

Don’t See What You’re Looking For?Contact Us Now

Recent Transactions

Dirt deal

Apartment, retail stats

Don’t See What You’re Looking For?
Contact Us Now