Westgate Square Shopping Center

2625 N Hiawassee Rd, Orlando, Florida 32818

The Offering. CBRE Capital Markets and Ten-X are pleased to present the sale of Westgate Square, a 98% occupied grocery anchored shopping center located in Orlando, Florida. The Property was constructed in 1981, consists of 136,188 SF and is situated on 16.9 acres.. The Property is scheduled for auction on December 9th - 11th, 2019., Investment Highlights. Grocery Anchored Center with Stable Cash Flow - Westgate Square is a 136,188 SF shopping center which is 98% leased and anchored by a Bravo Supermarket (43,578 SF, LXD 1/31/31), an east coast grocer catering to Hispanic clientele which is well-suited to serve the demographics of the surrounding trade area. Bravo Supermarket is a mid-size grocer based in New York with 95 locations along the east coast including 46 stores in Florida.. National Tenant Base with Upside Potential - The grocer is complemented by a diverse mix of national inline and outparcel tenants including: Hibbett Sports, T-Mobile, State Farm Insurance, Family Dollar, and Burger King. In addition, approximately one-third of the existing tenancy rolls within the next 3 years, providing a buyer with the opportunity to increase below market lease rates to current rent levels as tenant's leases expire.. Recent Leasing Activity - The center's anchor tenant, Bravo Supermarket (43,578 SF), recently recommitted to the location by signing an extension through January 2031 for nearly one-third of the space at the Property. In addition, Goodwill Industries (26,691 SF) signed a 10-year extension earlier this year which extends their lease through May 2029.. In-Fill, High Density Location - Westgate Square is positioned in the heart of a well-established trade area and caters to a loyal customer base. The Property benefits from its locale within the densely populated Pine Hills neighborhood, with more than 118,000 residents in a 3-mile radius. Furthermore, the center enjoys exceptional exposure with high traffic counts at the Property's intersection of Hiawassee Road (31,500 VPD) and Silver Star Road (39,000 VPD).. Highly Desirable Orlando Market - Westgate Square is located in northwest Orlando just 8 miles from the city center and is poised to benefit from a rapidly growing MSA. In 2019, Forbes ranked the city #3 in the U.S. for future job growth, while in 2018 greater Central Florida was named the fastest growing MSA in terms of job growth with 60,800 new jobs., Photo Gallery

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