Investment Overview
Strategy Description
The Wellesley Retail at College Park encompasses the entire first floor of a
trophy condominium building within the heart of Orlando. The asset is 100%
occupied by seven different tenants and is equipped to accommodate four
separate 5G antennas, of which only one is in use today (upside opportunity).
The building was constructed in 2007, with the retail portion covering 19,827
square feet and having an abundance of parking. We are under contract to
acquire the property for $8M, which equates to an 8% cap rate.
The building is anchored by three tenants: SunTrust (38%), Armando’s
Restaurant (26%), and AT&T (16%). SunTrust has been in the building since
inception and is under lease through the end of 2026. This is their second
strongest location across central Florida, as it accounts for over $140M in
deposits. Drive-thru lanes are a scarce amenity within College Park, and as
such, theirs is a major driver for success (in conjunction with the prominent
location). Armando’s is a well-established, popular dinner location in Orlando
and is leased through the end of 2025. AT&T’s location here is a strong
performer for them as well, and they are leased through Q3 of 2025.
Collectively, all of the property’s tenants have a weighted average lease term
of almost 4.5 years, and all have continued to pay their monthly rental
obligations in a timely manner over the past year.
Wellesley Retail is located in the vibrant College Park submarket
