TOWN CENTER WINTER SPRINGS FOR SALE Seminole …

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WINTER SPRINGS TOWN CENTER

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Seminole County, Florida

Represented exclusively by

FOR SALE

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WINTER SPRINGS TOWN CENTER EXECUTIVE SUMMARY

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The Opportunity

Winter Springs Town Center, a 115,807 SF shopping

center anchored by Publix and Zoo Health Club is

located in the heart of the affluent Winter Springs

community within the Orlando MSA. Known for its

Class A quality, it is the everyday retail destination

for the community in a growing residential market.

Currently at 77% occupied, Winter Springs

Town Center offers below market rents, value

add upside and minimal near term rollover.

Project NameWinter SpringsTown Center

AnchorsPublix, Zoo Health Club

Both expire in 2022

Address 1160 E. SR 434

City, State, Zip Winter Springs, FL 32708

Year Built 2002

Rentable Area 115,807 SF

Total Land Area 9.7 Acres

Occupancy 77%

NOI In-Place $1,095,963

Property Type Neighborhood Center

Roof/Awning Replacement $648,193

Below Market Rents Yes

Value Add Upside Yes

Residential Growth Yes

Class A Quality Yes

Minimal Rollover Yes

Best Center in Market Yes

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434

Winter SpringsHigh School Lake Jesup

Planned FutureAmphitheater

RiZe ApartmentsUnder Construction

Jesup’s LandingUnder Construction

Winter SpringsCity Hall

Tuskawilla Road

View Facing Northwest

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Class A Institutional Quality Shopping Center

Winter Springs Town Center, anchored by a highly successful Publix (sales at $588/SF), is the social and shopping focus of the affluent Winter Springs community. With new luxury apartment development under construction adjacent to the Property, several additional luxury residential projects under development in the area as well as a planned amphitheater across from the Property, the expected increase in demand for retail services will expedite lease up of vacancy.

Located in the center of the community where the average household income is $109,123 within a 1-mile radius and $93,581 within a 3-mile radius this premium location boasts high profile exposure with high traffic counts exceeding 36,000 cars per day. In addition, road improvements scheduled for completion at year-end 2015 will create improved tenant visibility, expanded outdoor seating and access to the site – all of which further enhance the already attractive attributes of the center.

A core quality asset with value-add returns, Winter Springs Town Center is home to a solid existing tenant base with minimal near term roll and no A/R concerns. The manageable magnitude of space to be leased allows meaningful upside of over $435,000 of additional NOI, or 40% higher than in-place NOI. Despite construction associated with road improvements, over 13,000 SF of space was leased up in the second half of 2015.

Master Planned Community Preserves Value

Hard Corner / Excellent Traffic Count over 36,000 cars per day

Aggressive Residential Construction Spikes Retail Demand

Adjacent Uses Generate Retail Customers

New Road Improvements - Enhanced Tenant Visibility & Signage

Loyal Tenancy- High Tenant Retention Rate

Core Quality Asset - Yet Value Add Returns!

Publix Anchor - Strong Store Performance

Trade Area Exclusivity - Only Publix in 3 Mile Radius

Affluent HH Income over $109,000

Focus of Community Destination Retail Center

KeyInvestmentHighlights

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434

View Facing West

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Highly Attractive Demographics for Retailers

• Excellent access via expressways

• Winter Springs consistently named “Best Place to Live”

• Affluent community with growing household income

• High quality school system

• ProBusiness municipality – Tech Corridor locale

LocationHighlights

The Heart of the Community

Average Household Income

Area 2015% over $100k

2020f% over $100k

1-mile Radius

$109,123 51.2% $116,144 53.2%

3-mile Radius

$93,581 35.4% $105,386 39.8%

5-mile Radius

$79,667 26.2% $89,798 29.7%

Winter Springs

$89,489 32.8% $100,615 36.5%

Seminole county

$79,679 25.5% $90,028 28.9%

Orlando MSA

$67,083 18.4% $76,115 21.3%

Florida $66,660 18.1% $75,666 20.9%

Population

Area 2000 2010 2015 2020f

1-mi Radius

2,186 3,449 3,850 4,221

3-mi Radius

35,703 38,849 40,239 41,998

5-mi Radius

108,797 120,776 124,340 129,329

Winter Springs

31,666 33,282 34,318 35,788

Seminole county

365,196 422,718 436,035 454,224

Orlando MSA

1,644,561 2,134,411 2,284,796 2,476,315

Florida 15,982,378 18,801,310 19,603,934 20,654,191STRO

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Source: ESRI

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PrimeLocale• Frontage on the Main

commercial Corridor of

Winter Springs, SR 434.

• Location is intentional focus

of Winter Springs within the

master planned Town Center

District.

• The Property is the

centerpiece of Town Center.

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Cash FlowStabilityPublix and Zoo Health Club represent 46.1% of the

rentable area, and 43.9% of in-place revenue. Publix

is achieving $588/SF in sales volume and experiencing

upward trending sales. Zoo Health Club is highly

profitable and has recently expanded its operations.

For more information on Zoo Health Club: Click Here

Tenant Size (SF) % of Center2016 Annual Base Rent

Bast Rent/SFCAM

StructureTotal Base

Rent & CAM

% of Total In-Place Revenue for Center

(Base + CAM)Lease Exp.

Publix 44,171 38.2% $416,147 $9.40 $98,590 $5114,737 33.0% 11/30/2022

Zoo Health Club

9,115 7.9% $128,376 $14.08 $41,041 $169,417 10.9% 4/30/2022

Total 53,386 46.1% $544,523 $10.20 $139,631 $684,154 43.9%

Major Tenants - Winter Springs Town Center

Strong Performance of Anchors -Attracts In-Line Tenants

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YIncomeComparison

Nearly $435,000 of Upside by Leasing Vacancy to 93% Occupancy

Stable In-Place Cash Flow

Minimal Rollover Risk First 2 Years

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Lake Jesup



Tuskawilla Road

In Place Year 1

Per/SFBudget

2015Per/SF

Pro Forma Year 1

Per/SF

Total Rental Revenue $1,250,457 $10.80 $1,118,845 $9.66 $1,315,460 $11.36

Other Tenant Revenue

Expense Recoveries $267,744 $2.31 $292,187 $2.52 $284,524 $2.46

Other Recovery $4,978 $0.04 $4,978 $0.04 $4,978 $0.04

Out Parcel CAM $36,374 $0.31 $0 $0.00 $36,374 $0.31

Total Other Tenant Revenue $309,096 $2.67 $297,165 $2.57 $325,876 $2.81

Total Tenant Revenue $1,559,553 $13.47 $1,416,009 $12.23 $1,641,336 $14.17

Potential Gross Revenue $1,559,553 $13.47 $1,416,009 $12.23 $1,641,336 $14.17

Vacancy Allowance $0 $0.00 $0 $0.00 $0 $0.00

Effective Gross Revenue $1,559,553 $13.47 $1,416,009 $12.23 $1,641,336 $14.17

Operating Expenses

Salaries $12,000 $0.10 $12,000 $0.10 $12,000 $0.10

Supplies $3,200 $0.03 $3,200 $0.03 $3,200 $0.03

R&M: Electrical Lighting $12,000 $0.10 $12,000 $0.10 $12,000 $0.10

R&M: Security System $2,672 $0.02 $2,672 $0.02 $2,672 $0.02

R&M: Grounds/Landscaping (Combine) $26,700 $0.23 $26,700 $0.23 $26,700 $0.23

R&M: Other Repairs & Maintenance $6,920 $0.06 $6,920 $0.06 $6,920 $0.06

R&M: Plumbing $1,800 $0.02 $7,580 $0.07 $1,800 $0.02

R&M: Roof $0 $0.00 $10,880 $0.09 $0 $0.00

Elevator Contract $3,874 $0.03 $3,874 $0.03 $3,874 $0.03

Exterior Landscaping Contract $27,270 $0.24 $27,270 $0.24 $27,270 $0.24

Life Safety Monitoring Contract $16,980 $0.15 $16,980 $0.15 $16,980 $0.15

Pest Control Contract $2,544 $0.02 $2,544 $0.02 $2,544 $0.02

Electricity $42,900 $0.37 $42,900 $0.37 $42,900 $0.37

Water & Sewer $18,000 $0.16 $18,000 $0.16 $18,000 $0.16

Trash Removal $30,000 $0.26 $30,000 $0.26 $30,000 $0.26

Admin- Operating $6,320 $0.05 $6,320 $0.05 $6,320 $0.05

Grease Trap Expense $5,780 $0.05 $0 $0.00 $5,780 $0.05

RE Taxes $142,092 $1.23 $143,700 $1.24 $142,092 $1.23

Insurance $41,998 $0.36 $41,998 $0.36 $41,998 $0.36

NR- Property Management Fee $31,434 $0.27 $31,434 $0.27 $31,434 $0.27

NR- Accounting Fees $7,238 $0.06 $7,238 $0.06 $7,238 $0.06

NR- Legal & Professional Fees $8,000 $0.07 $8,000 $0.07 $8,000 $0.07

NR- HVAC / Utilies $13,868 $0.12 $13,868 $0.12 $13,868 $0.12

Total Operating Expenses $463,590 $4.00 $476,078 $4.11 $463,590 $4.00

Net Operating Income $1,095,963 $9.46 $939,932 $8.12 $1,177,746 $10.17

• Proforma stable NOI projected at $1.53 million, 40% increase over in-place NOI

• Prior to REO, NOI was approximately $1.9 million, 73% increase over in-place NOI

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DiversifiedTenancyTenant Mix - Winter Springs Town Center

Vacancy is an Opportunity

Tenant/Size Cohort Total SF% of Total

SFLeased SF Vacant SF % Vacant % Leased

Vacant Spaces

Tenants

Publix 44,271 38.2% 44,271 0 0.0 100.0% 0 1

Total Anchor Space 44,271

Zoo Health Club 9,115 7.9% 9,115 0 0.0 100.0% 0 1

Office Space 9,990 8.6% 2,658 7,332 73.4% 26.6% 2 1

Retail 2k-4k SF 15,455 13.3% 7,350 8,105 52.4% 47.6% 3 3

Retail < 2k SF 36,976 31.9% 26,150 10,826 29.3% 70.7% 8 19

Total Retail and Office Space

71,536 61.8% 45,273 26,263 36.7% 63.3% 13 24

Totals 115,807 100.0% 89,544 26,263 22.7% 77.3% 13 25

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434



Tuskawilla Road

Planned FutureAmphitheater

Jesup’s LandingUnder Construction

Winter SpringsHigh School


Ongoing & PlannedResidential Intensifies Retail Demand

Project Name Property Type

The RiZe AKA - Grandeville Adjacentto Property

244 Apartment Units

Greens at Tuskwilla 60 Townhomes

Pollack Shores ApartmentsAcross from Property

338 Apartment Units

Jesup’s LandingShort Walk from Property

171 Townhomes

Seven Oaks Single Family 138 Single Family Units

Magnolia Park AmphitheaterAcross from Property

Amphitheater

Northern Oaks (Proposed) 49 Single Family Units

Southern Oaks (Proposed) 92 Single Family Units

Plante Property (Proposed) 379 Single Family Units

Winter Springs Development Driving Retail Demand

• RiZe apartments to be completed by December 2015

• Amphitheater will drive additional retail traffic to the center, especially along Tuskawilla Road space

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RoadImprovements• Improved Tenant Visibility & Exposure• Enhanced Pedestrian Areas• Improved Access

• SR 434 Road Construction Currently Affects Majority of Center• Upon Completion 12/2015 – Aggressive Leasing Projection• Improved Tenant Signage

Temporary Leasing Impediment-Upon Completion Boost LeasingSource: City of Winter Springs

Source: City of Winter Springs

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Tuskawilla Road

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Investment Contacts

INVESTMENT SALE CONTACTS

Please click on the following web page to access the confidentiality agreement to execute in order to receive a full offering package detailing this opportunity:

John F. BellManaging DirectorMiami, FLD: 305.808.7820M: [email protected]

William HartAssociateMiami, FLD: [email protected]

DISCLAIMER: The information contained in this Offering Memorandum has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guaranty, warranty or representation about it. It is the responsibility of each prospective purchaser to independently verify its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example purposes only and do not represent the current or future performance of the property. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the value and condition of the property, the information contained in the Offering Memorandum, and advisability of purchasing the property. This Offering Memorandum may be rescinded or altered and the property may be sold, leased or withdrawn from the market without notice. Brokers are not authorized to make any representations or agreements on behalf of the property owner or bind the property owner to any agreement for sale of the property.

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Documents

TOWN CENTER WINTER SPRINGS FOR SALE Seminole …