4101 County Rd 561, Tavares, FL 32778

SOUTHRIDGE SHOPPES

• The subject property is a 43,153 SF shopping center in an affluent and high-growth

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 four new leases signed in the last six months

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)

$1.8M+ BUDGETED ON RECENT CAPEX & TENANT BUILD OUTS

• ~$1M+ budgeted for Lake County Sheriff’s Department build out

• ~$800K+ budgeted on Lake County Tax Collectors Office built out

$495K+ SPENT BY SELLER ON RECENT CAPITAL IMPROVEMENTS

• ~$215,000 on façade rehabilitation (adding stucco, painting, stonework, soffit

replacement)

• ~$98,000 on re-painting the roof and exterior of the building

• ~$147,000 on sealcoating the parking lot and adding curbs

• ~$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)