Cadence Asset Management (CAM) is pleased to announce the groundbreaking of the fund’s most recent acquisition. The site is approximately 2.26 acres of land and is an out-parcel to a Target-anchored center located in Titusville, FL.
CAM will construct a 7,200 square foot building, which is 100% pre-leased to two tenants, both on 10 year leases: Mattress Firm, a publicly traded company, and Heartland Dental, a national dentistry tenant with over 565 locations in 28 states.
The property is situated in a major retail node, with other notable tenants in the vicinity, including Home Depot, Walmart, Staples and Marshalls. This highly visible and desirable outparcel location has traffic counts of approximately 30,000 cars per day.
Included in the 2.26 acres of land is an operating 10,000 square foot restaurant building that produces income. Our plan is to sell the restaurant at favorable pricing, and we are currently in the process of finalizing an agreement to do so. CAM has begun construction on the 7,200 square foot building, which is scheduled to be completed by the 4th quarter of 2015.