In a clear signal of how valuable Orlando's 62 million-plus tourists are to local advertisers, Clear Channel Outdoor paid $16.95 million on Oct. 8 for four billboard sites on or near the International Drive tourism corridor.
The first of the four was a standard parcel acquisition for $1.3 million of a 720-square-foot pole sign site at 5430 N. I-Drive, located just in front of a Brazil-focused shopping center, with stores that include Pao Gostoso bakery, a Brazilian grocery store, restaurant and more.
The media conglomerate then acquired three assignments of easements for billboards along Interstate 4 in the tourism corridor from Winter Park-based Impact Communications of Central Florida.
The first was an $8 million acquisition for easement rights just south of Lake Willis, at 7601 Vineland Ave., which is located along eastbound Interstate 4, north of Daryl Carter Parkway and before the I-4 exit for Central Florida Parkway, commonly used by SeaWorld visitors.
The second easement assignment was bought for $6.65 million. While GrowthSpotter has been unable to confirm its exact location, it is located along I-4 within the general tourism corridor.
The third purchase of easement rights was made for $1 million, for a billboard site along westbound I-4, a few hundred yards south of the Daryl Carter Parkway flyover bridge, located on an undeveloped land parcel directly north of where Palm Parkway meets Marbella Palms Court.
"This investment maps with (Clear Channel Outdoor's) strategy to grow our advertising footprint where it makes strategic value to our advertisers. And with Orlando playing host to nearly 60 million visitors per year, the impact acquisition in this tourist corridor strategically enhances our position in this market," said Jason King, company spokesman.
Consider the $6.65 million easement acquisition. If projected for a 5-Cap rate of return, that would reflect an expectation for this billboard to generate $325,000 per year in revenue, or just over $27,000 per month.
GrowthSpotter could not confirm Tuesday if these easements had digital billboards built on them, which would offer multiple income streams, potentially increasing the return. Limits by Orange County and the city of Orlando on any new billboards along I-Drive and I-4 would also increase these billboard sites' values.
In late 2013, Orange County approved an extension to June 2038 for existing billboards to remain on site in the Vineland Pointe Planned Development (PD) area, where two of these billboard easement assignments fall within.
Editor's Note: The fifth paragraph of this story was updated on Oct. 14 to remove an incorrect address for that easement assignment, and explain the general area it is believed to lie in.