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Miscellaneous

West Marine | 7 Years Remaining | Recent Blend Extend

670 Lee Rd, Orlando, FL 32810

Listing Price: $3,426,864

Tenant Name
West Marine
Years Remaining On Lease
7.2
Guarantor
Corporate Guarantee
Rentable SF
12,792
Lease Type
Double Net
Rent Per Square Feet
$16.74

Investment Overview

The Tenant, West Marine Products, Inc., extended its lease in 2023, providing an additional seven years of term. The lease features rental increases of 11 percent (11%) in year two, and five percent (5%) in year six of the extension, providing a hedge against inflation. The Tenant has operated here successfully since 2012. As part of the recent extension, West Marine agreed to paint the exterior and seal coat the parking lot. (Note: said improvements have not yet taken place and may not be completed by the time of Marketing). This extension, along with geofencing data support that this is a healthy location. Per Placer.ai, this location is the best of two stores in the Orlando Metro, and #73 of 123 chain wide, with 35,500 annual customer visits.

Investment Highlights

  • LEADING BOATING RETAILER WITH 240+ LOCATIONS
  • RECENTLY EXTENDED CORPORATE LEASE WITH STRONG SUPPORTING PLACER.AI DATA
  • INFILL, GROWING ORLANDO SUBMARKET; TAX-FREE STATUS

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • Josh Ein

    First Vice President Investments

    (202) 536-3726

    Email Josh

    License(s): DC: SP98371724, MD: 643676, VA: 0225242141

    Washington, D.C.

  • David S. Crotts

    First Vice President Investments

    (202) 536-3757

    Email David

    License(s): MD: 652010, VA: 0225208906, DC: SP98374073

    Washington, D.C.

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Financing By

  • Jared Cassidy

    First Vice President, Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Miscellaneous

West Marine | 7 Years Remaining | Recent Blend Extend

Listing Price: $3,426,864

Tenant Name
West Marine
Years Remaining On Lease
7.2
Guarantor
Corporate Guarantee
Rentable SF
12,792
Lease Type
Double Net
Rent Per Square Feet
$16.74

Investment Highlights

  • LEADING BOATING RETAILER WITH 240+ LOCATIONS
  • RECENTLY EXTENDED CORPORATE LEASE WITH STRONG SUPPORTING PLACER.AI DATA
  • INFILL, GROWING ORLANDO SUBMARKET; TAX-FREE STATUS

Investment Overview

The Tenant, West Marine Products, Inc., extended its lease in 2023, providing an additional seven years of term. The lease features rental increases of 11 percent (11%) in year two, and five percent (5%) in year six of the extension, providing a hedge against inflation. The Tenant has operated here successfully since 2012. As part of the recent extension, West Marine agreed to paint the exterior and seal coat the parking lot. (Note: said improvements have not yet taken place and may not be completed by the time of Marketing). This extension, along with geofencing data support that this is a healthy location. Per Placer.ai, this location is the best of two stores in the Orlando Metro, and #73 of 123 chain wide, with 35,500 annual customer visits.

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • Josh Ein

    First Vice President Investments

    (202) 536-3726

    Email Josh

    License(s): DC: SP98371724, MD: 643676, VA: 0225242141

    Washington, D.C.

  • David S. Crotts

    First Vice President Investments

    (202) 536-3757

    Email David

    License(s): MD: 652010, VA: 0225208906, DC: SP98374073

    Washington, D.C.

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

Financing By

  • Jared Cassidy

    First Vice President, Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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