The long-time family owners of one of Winter Park's oldest Park Avenue retail properties are looking to divest, and have their master lease-holder on board to facilitate a deal.
Located at 290 N. Park Ave., the two-story building lies across from the northern end of the city's Central Park, dates to 1925 and features 3,193 square feet of leasable area.
The listing is unique in that Park Avenue's real estate market generally has a high barrier to entry, with only two properties sold there in the past 10 years.
The owner, Vulcan Works LLC, is an investment vehicle now managed by siblings Allen Butt and Martha Horowitz, both of whom live out of state.
Grandparents Beecher Kent and Claire Kent owned the property in 1925 and operated a bicycle shop on the ground floor in its early years, with the family living above.
Carolyn Kent Butt Grist was born in the building in 1924, and was raised there with the family business. She later married Cecil Butt, who became a doctor at Winter Park Memorial Hospital after the Korean War and was later named Chief of Pathology at then-Orange Memorial Hospital.
Their children, Allen and Martha, value the family legacy property but feel compelled to take proceeds from a sale and reinvest closer to their homes in Texas and North Carolina, said Josh Korshak, who with John Krzyminski and Max Krzyminski of Cite Partners are marketing the property.
Retail tenant occupancy for the building has been consistent historically, with women's wear outlet Sultre now on the ground floor. Household income demographics are among the strongest in the region, and the building lies within walking distance of Rollins College campus with a Walk Score of 90.
The building could potentially support a third story addition, said Korshak, and a detached building to the rear may have potential for conversion as a small bar or dining space.
The property is subject to a master lease, which is held by 290 Park Avenue Partners, an investment vehicle owned and managed by Stephen Bradley of Winter Park-based real estate brokerage Bradley Corporation, and John Gay, managing principal of the Orlando office of CRESA, a commercial brokerage focused on tenant rep.
That duo have another seven years on their master lease, but the seller and Cite Partners are negotiating a buyout agreement so that the next buyer of the property can acquire lease control at the same time, Korshak said.