1050 Miller Drive1050 Miller Drive, Altamonte Springs, FL, USA
Cap Rate 6.25 %
NOI $ 291,060
Cash-on-Cash 11.73 %
Development Type Industrial
Building Size 48255 sqft
Lot Area 5.11 acre
Year Built 1974
Year Last Renovated 2018
Gross Leaseable area 48,255 SQ FT
Marcus & Millichap is pleased to offer for sale to qualified investors, Canteen Vending’s Orlando distribution center located in Altamonte Springs (Orlando MSA), Florida. Canteen recently relocated to the subject property signing a fresh 10-year, double-net lease in early 2019. The lease offers attractive two percent (2.0%) annual increases throughout the primary term protecting against future inflation.
Canteen Vending was acquired by Compass Group USA, a subsidiary of Compass Group PLC (LSE: CPG) in 1994. Compass Group is the largest food service company in the world with annual revenues exceeding £22.964 billion in 2018. Canteen has led the vending industry for more than 85 years and has 14 locations across Florida and over 200 locations serving 48 states. Their business model focuses on coffee and tea products, water delivery, pantry solutions and healthy vending, serving clients such as hospitals, airports, business centers, attractions, tourism and small office solutions.
The building offers 48,255 square feet of net rentable space and is comprised of 16,475 square feet of office with the remainder being warehouse and cooler space. Housed on a 5.41-acre lot, Compass Group benefits from a low lot coverage ratio which provides ample parking for delivery trucks in addition to having substantial room for growth. Significant property improvements were made to the subject in 2018 including new roll-up doors and loading bays for distribution, new parking lot stripe & seal, newly coated roof with a 10-year transferable warranty, upgrades to the electrical, plumbing and bathrooms, new walk-in cooler and interior warehouse & office improvements. The building is also fully sprinklered with a new wet pipe system installed in 2015.
- Strategically located in one of Central Florida’s most dense sub-markets within close proximity to AdventHealth and many area businesses
- Canteen tripled their footprint in 2018 signing a new 10-year lease with additional expansion options
- Current rent is $1.65 per square foot below market
- Wholly owned subsidiary of Compass Group, PLC; a food service industry leader in technology and performance
- 5.41 Acre Lot Provides Tenant with Ample Parking for Delivery Trucks and Future Expansion
- More than $1.1 Million has been Invested into the Property by the Tenant and Landlord
- Property Benefits from Secure Fenced Lot,Newly Coated Roof with 10-Year Transferable Warranty and New Dock and Grade Loading
1050 Miller Drive, Altamonte Springs, FL, USA