The Celebration retail project was an opportunity to convert a tired looking, vacant, single tenant surf shop building into a three tenant retail strip center. The property was well located in one of the prime retail clusters near Disney World and across from Disney’s master planned community, Celebration FL. The shopping complex was co-tenanted with a Nike Factory Outlet Store – which has consistently been one of the top 3 performing in the Country.
Working with our brokers we secured Tijuana Flats for the endcap tenant, taking half the building, and moved forward on a full renovation/gut job, leaving only the exterior walls and the roof. The job required all new utilities, storefront, and interior and exterior buildouts to tenant speciation’s. During construction we secured T-Mobile as our second tenant and shortly after completion secured Island Fin Tuna Poke and our third.
Upon completion of the project, lease up, and stabilization we successfully disposed of the asset to a 1031 buyer after a roughly 3 year hold period, exceeding our proforma projections.
Watch the transformation video: Red Bell Partners completed renovation into three tenant retail/restaurant center on 1/1/2017 under budget and ahead of schedule.