June 27, 2022 – Hobart Hare of Horvath & Tremblay has successfully completed the sale of Olive Garden in Orlando, Florida. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $4,400,000.
The Olive Garden is located at the intersection of Narcoosee Road and Vickrey Place in Orlando, Florida. The 6,328 square foot stand-alone building is under construction with an anticipated rent commencement date of November 1, 2022. Olive Garden has a new 10-year Absolute NNN Lease with six (6), 5-year renewal options. The lease features an attractive 5% rent increase in year 6 and 10% rent increases at the start of each renewal option. Olive Garden is strategically positioned at the intersection of Narcoosee Road, the area’s primary commercial corridor, and Vickrey Place, with outstanding frontage and visibility along both. The Property is surrounded by national retailers driving traffic to the area, including Sam’s Club, Walmart Supercenter, Lowe’s, TJ Maxx, Chipotle and Starbucks. The immediate area is also home to Lake Nona High School and Valencia College – Lake Nona Campus. The Property is also just 1-mile from FL Route 417, which provides direct access to Orlando International Airport and Disney World. Lake Nona is a booming submarket, with incredible demographics, a large retail presence, many corporate headquarter, hospital campuses, and technology firms. Lake Nona’s medical city is Orlando’s fastest-growing, most innovative master-planned community encompassing 7,000 acres.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.