Orlando-based Magic Pet, a premium pet food, supply and grooming business, has the former Mama B's Giant Subs property near Orlando's North Quarter under contract, potentially bringing new retail to one of the most highly trafficked corners in downtown.
Located at 692 N. Orange Ave. on the southwest corner with Colonial Drive, the site would be a fourth store for Magic Pet, which now has two in Oviedo and one in Baldwin Park after entering the market in 2011.
The company is in expansion mode for Central Florida, with NAI Realvest associate Juan M. Jimenez working on site selection for the owners over the past eight months.
Magic Pet owner Janaien Rabah is conducting due diligence this month on the Mama B's property, and has a contract deposit that will go hard at the end of February.
Jimenez declined to confirm what the contracted price is, or if it's anywhere near the $1.2 million originally sought for the 0.21-acre parcel when it was listed for sale, first reported by GrowthSpotter in August.
Rabah and Jimenez met at the property on Thursday morning with contractors and a seller's representative to discuss renovation options.
Rabah cited "the incredible location" as her main draw to the property. A daily traffic count for Colonial Drive has been estimated at 35,000 cars or more by listing agent Edward Johnston of EXIT Realty.
In addition to vehicle traffic, the location should draw residents from the growing North Quarter submarket. Population within a one-mile radius was more than 12,500 as of 2015, with a five-year population projection of 13,860 and daytime population estimated at 51,889, according to ESRI Demographics.
The sale could include some or all interior assets of the restaurant, which closed for business in December.
The likely approach for Rabah is to gut most of the interior and return it to an original state, offering roughly 1,885 square feet of retail space, Jimenez said. It would be an increase from her other stores' standard footprint of 1,200 square feet.
Members of the Adamik family that own the property put this Mama B's location and a second at 1101 S. Orange Ave. up for sale in August, with a desire to retire from the sandwich business after more than 30 years.
EXIT Realty's Johnston said on Thursday the South Orange property is still being actively marketed for sale.