Southridge Shoppes

Investment Highlights

SOUTHRIDGE SHOPPES
• The subject property is a 43,153 SF shopping center in an affluent and highgrowth Orlando suburb
• Government-backed leases | 50% of GLA
• Southridge Shoppes is 100% leased to a diverse tenant lineup, including Dollar General, Lake County Sheriff, and more

LEASING MOMENTUM
• Southridge Shoppes has had four renewals in the last 18 months, showcasing tenant commitment to the space
• There have been three new leases signed in the last six months
• Rent has increased 85%+ due to the conversion from gross leases to NNN leases

ORGANIC NOI GROWTH | MARK-TO-MARKET OPPORTUNITY
• 31% of GLA does not have options and expire in the next five years
• Average rent of tenants without options: $12.49/SF
• Market rent: $22.44/SF | 1-Mile Radius (CoStar)

$2.2M+ SPENT ON RECENT CAPEX & TENANT BUILD OUTS
• ~$1M+ budget for Sheriff Department build out (paid by tenant)
• ~$800K+ budget on Tax Collectors Office built out (paid by tenant)
• ~$215,000 on façade rehabilitation (adding stucco, painting, stonework, soffit replacement)
• ~$98,000 on re-painting the roof and exterior of the building
• ~$80,000 on sealcoating half of the parking lot and adding curbs (The other half of the parking lot is scheduled to be completed Q3)
• ~$34,000 on upgrading pylon sign

CENTRAL FLORIDA | BOOMING DEVELOPMENT HOTSPOT
• Tavares is considered to be located within the “Wider Lake County,” which is one of Florida’s fastest growing counties, projecting sizeable population gains in the decades ahead, with a projected growth of 23% by 2030
• Tavares is directly surrounded by Ocala, Clermont, Leesburg, and The Villages, which populations grew an average of 20% since 2020
• Tavares Manor Apartment Homes – Arazi Development broke ground in 2024 on a 336-unit apartment complex off US 441, adding additional residential units to the Tavares area

TAVARES, FL | ORLANDO MSA
• Tavares is the county seat of Lake County and part of the Orlando–Kissimmee Sanford metropolitan area
• Lake County is a rapidly growing Orlando suburb that has doubled its population over the last 20 years
• Known as the “Seaplane City” with a thriving waterfront downtown and regional seaplane base that boosts tourism and lifestyle appeal
• Key industries include healthcare, tourism, and government services, supported by AdventHealth Waterman (major regional hospital)
• The combination of healthcare infrastructure, government presence, and rising