Lucky's Market plans new Winter Park site, sells land under east Orlando store

Bob Moser
GrowthSpotter

Lucky's Market is planning to take a former Winn-Dixie anchor space in Winter Park for its third store in Greater Orlando, and sold the land under its east Orlando store on Friday to net a $3 million profit on the site. 

The new Winter Park store will occupy more than 52,000 square feet at the Unigold Shopping Center, located at 7530 University Blvd. on the corner with Goldenrod Road. 

Leasing agents with ACRE Commercial Real Estate began touting Lucky's as an incoming tenant recently on marketing materials for the property. The shopping center has more than 13,000 square feet of inline and outparcel space still available for lease. 

Agents with ACRE declined to comment further on Wednesday, and officials with Lucky's Market did not respond to requests for comment. 

This would be Lucky's third store in the Greater Orlando market, following a confirmation in early June that the grocer will anchor Blurock Commercial and Intram Investments' mixed-use development in south Downtown Orlando. 

In separate news, an affiliate of San Diego-based Realty Income paid close to $11.43 million on Friday for the land under the first local Lucky's Market in east Orlando, buying from an affiliate of the grocer's parent company, which appears to have net a $3 million profit on the site in two years. 

Located at 11750 E. Colonial Dr. on the intersection with Alafaya Trail, the 5.64-acre parcel includes the 35,000-square-foot Lucky's Market portion of the building and a majority of the shopping center's parking lot.

Adjacent inline retail space and restaurant outparcels are not included. The deed was recorded Wednesday morning in Orange County. 

Lucky's Market opened at the property in June 2016 with a 20-year net master lease, and 7.5 percent rental increases every five years. The building has been completely renovated by Lucky's, and the landlord's only responsibility is roof repair and maintenance. 

Seller of the land was Orlando Alafaya RE, LLC, an affiliate of Lucky's Market corporate office, which paid $3.1 million for the property in June 2015. Lucky's then invested roughly $5 million to build out and open its grocery store.

Officials with Realty Income declined to comment on Wednesday, citing policy as a publicly traded company to not comment on transactions. 

Realty Income owns 370 or more propertes in Florida as of this past April, per a portfolio summary on its website. Those include sites for at least 10 other NNN single-tenant retailers in Orange County.

The property was marketed early this year by The Kase Group, which claimed a 5.25 percent potential Cap rate for the property.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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