The 29,857 square foot, Class A building was built in 2005, and features two stories of office space. The site contains approximately 2.57 Acres and is zoned PD (Planned Development). The Property also features excellent signage opportunities and exposure on International Drive, and is in close proximity to high-end retailers, SeaWorld, golf destinations, the Orange County Convention Center and other area attractions.
We are pleased to announce that the tenant in occupancy of the Platinum Plaza property has recently been acquired by a well-known NYSE publically traded company. The new owner has executed a new 10 year lease which commenced on September 1, 2009. This new lease has a rental payment in the amount of $50,000 per month NNN ($20.10 per sf) for the first 3 years of the lease and then adjusts annually to a market rate with a CPI increase. We have not increased the asking price, so this new rent stream results in a cap rate of 10.2%!
The Property is located on the high traffic International Drive corridor in Orlando’s Tourist Corridor. Located just off State Road 528 south of Central Florida Parkway on International Drive. Easy access to Florida’s Turnpike, State Road 528, State Road 417, and the Orlando International Airport.
