JLL announced that it has closed the $13.5 million sale of three newly constructed, single-tenant retail pads in Orlando. JLL marketed the properties on behalf of the seller, a partnership between North American Properties and institutional investors advised by J.P. Morgan Asset Management. Orion Real Estate Group purchased the assets. The three buildings were constructed in 2018 and are net leased to three investment-grade credit tenants, Starbucks, LongHorn Steakhouse and Bahama Breeze. Starbucks is the only single-tenant Starbucks within a six-minute drive from Universal Orlando, and both LongHorn Steakhouse and Bahama Breeze are the only two restaurants within the Darden family of restaurants located in such close proximity to Universal Orlando. Situated at 5460, 5540 and 5620 W. Oak Ridge Road, the three outparcel pads are across the street from the Orlando International Premium Outlets, which welcomed 17 million annual visitors last year and is a top U.S. retail asset based on sales volumes. The assets are in the heart of Orlando’s Tourist Corridor, and Orlando welcomed a record 75 million visitors in 2018. The three outparcels are directly connected to theme parks via the new Grand National Drive overpass, a soon-to-be-access point for Interstate 4 Express Lanes that are under construction.
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