West Colonial Oaks

CASE STUDY

OVERVIEW

Orlando, Florida

Community Shopping Center

West Colonial Oaks is a 160,792 square foot multi-tenant community center located in a high-traffic corridor of Orlando, FL. The property serves a dense residential and daytime population with a diverse mix of national and regional tenants offering essential goods and services.

  • Acquisition

    Acquired the asset off-market in 2021 through Fund III, identifying a near-term opportunity to unlock value through active lease management. At acquisition, the property was 94.4% occupied, with multiple junior anchor and small shop leases approaching expiration. The asset was priced well below replacement cost at $110 per square foot.

  • Execution

    We executed a targeted leasing strategy focused on term extensions, rent resets, and merchandising upgrades:

    - Renewed 5 junior anchor tenants representing 65.7% of GLA

    - Executed 8 new leases, re-tenanting 22.9% of GLA

    - Extended the lease term with Olive Garden and added 7 Brew Coffee via outparcel development

    - Enhanced curb appeal and implemented operational efficiencies to drive NOI growth

  • Results

    The business plan is on track to deliver outsized returns through leasing execution and asset-level enhancements:

    - 96.2% current occupancy, up from 94.4% at acquisition

    - Projected 24.9% net IRR and 2.3x equity multiple

    - Yield on cost projected to increase from 8.8% to 9.9%

    - Strong tenant retention and leasing momentum in a submarket with 96.2% retail occupancy