The owner of 15 tattoo parlors in Central Florida paid $2.225 million for the Kirkman Plaza retail and office building in Metrowest on Nov. 20, and now seeks a commercial real estate broker to market and lease the property that's three quarters vacant.
Located at 485 S. Kirkman Road, just south of the intersection with Old Winter Garden Road in West Orlando, the 1.95-acre parcel features a two-story commercial building built in 2009. With 30,500 square feet of net leasable space, it neighbors the West Orlando Rotary Club, and lies just a few blocks north of the Valencia Community College Kirkman campus.
"It's pretty new construction, and the future for that property is great because all of those cross streets will be full of residential in the next few years," new owner Marwan Kaddoura told GrowthSpotter on Wednesday. "The price attracted me for a commercial asset, at $72 per square foot I couldn't build a commercial building like this at that price."
Roughly 20 acres of undeveloped land lie directly west of the Kirkman Plaza parcel, while a few blocks south there are more than 31 acres on non-contiguous parcels open to development.
Kaddoura now owns three small commercial properties in the Greater Orlando area, as well as 15 tattoo parlors in Central Florida under his Ink Spot Tattoo brand, a business segment he's been in for 18 years.
The Kirkman Plaza property has 20 units, each at 1,500 square feet, with only five currently occupied, Kaddoura said. His aim is to focus retail services on the ground floor, with the second floor reserved for office and medical specialists. Anywhere from 1,500 square feet to 9,000 square feet contiguous is available for lease.
Kaddoura has yet to choose a commercial real estate broker to begin marketing the property for him, but plans to make that selection in the coming weeks.
Initial capital investments in the property will include new exterior lighting, landscaping and parking lot improvements. Painting of the entire exterior should be done after April 2016, Kaddoura said.
Kaddoura acquired a $525,000 loan for the purchase due in May 2018, sourced from the property's seller, Rosemin S. Stanoytchev of Windermere.