- Date Acquired: February 2014
- Location: Orange City, FL
- Asset Type: Retail Center
- Post Acquisition Strategy: Lease-up
and Dispose of Excess Land
About this Property
In February 2014, Larkspur acquired a 52,500 square foot retail center and 2.5 acres of excess land 20 miles outside of Orlando. Larkspur acquired the property for $4.2mm from a national banking company out of foreclosure.
The shopping center was 50% occupied at the time of acquisition with only two tenants: Dollar Tree and Goodwill. In addition, one of the vacant spaces was a “Junior Box” of 12,000 square feet that was ill-suited to local tenant base. Larkspur split the 12,000 junior box into a front retail portion and a back storage component thereby creating a leasable space which has later occupied by national personal services company, My Salon Suites. Larkspur also completed leases with Edible Arrangements, One Main Financial and several smaller local tenants to drive occupancy to 85%. Finally, Larkspur sold 1.7 acres of the excess land to a multi-family developer for $1mm.