Local franchise group signs 7,000 square foot lease with Continental Realty Corporation and plans to be operational in the 126,000 square foot neighborhood shopping center next year
(Photo credit: Continental Realty Corporation)
A MY SALON Suite franchise group has signed a lease with Continental Realty Corporation (CRC) for 7,000 square feet of space within Towne Square, a 126,000 square foot neighborhood shopping center located at 11029 West Colonial Drive in Ocoee, Florida. This represents the first location for the franchise owned and operated by Corey, Judith, and Terrel Corbitt, who plan to open the hair salon concept next year. Cherene Keenan, Commercial Leasing Manager for CRC, and Janet Galvin of Archon Commercial Advisors represented the landlord, and Rich Krepakis of NewWave Commercial represented the tenant in this lease transaction.
MY SALON Suite offers haircutting, hair extensions and highlighting services; conditioning treatments to combat hair loss; facial and skin treatments; waxing; massage therapy; manicures, pedicures, and make-up services. Stylists and beauty technicians operate as independent contractors and can take advantage of a concept in which they control all aspects of their business, including costs of services, hours of operation and individual branding. The franchisee oversees all facility management, including repair and maintenance, and pays all operational expenses. The concept can accommodate 37 operators.
“This model is gaining popularity around the country, as we typically attract and retain the most talented hair stylists who prefer to own, rather than work for a hair salon operator,” explained Corey Corbitt, owner of MY SALON Suite. “Non-compete agreements are never a problem and the stylists and beauticians retain full control of the way they operate their business. They can focus their energies on building their business and providing best-in-class services.”
Located at the intersection of West Colonial Drive and Maguire Road, the center is 99 percent leased, with tenants including Old Time Pottery, Kumon, and The Little Gym. More than 80,000 consumers, including nearly 27,000 households, reside within a three-mile radius of Towne Square. More than 45,000 vehicles pass the site on a daily basis from West Colonial Drive, with an additional 27,000 passing the shopping center each day from Maguire Road. The shopping center is located less than one mile from the Health Central Hospital and Orlando Medical City, which have more than 1,500 employees.
Corey Corbitt has worked in the cosmetology industry for more than 14 years, including eight years under the private suite concept.
“With three major highways, specifically Florida Routes 408, 429 and the Florida Turnpike, feeding into Towne Square, we believe this is the hotspot of central Florida and convenient to both local residents and commuters,” said Corey Corbitt. “The large, free surface parking lot was also a major attraction. We consider Ocoee and Winter Garden to be major growth areas and Towne Square is the perfect retail venue to launch our concept.”
More than 250 MY SALON Suite locations are operating around the country, with an average occupancy of 90 percent for locations that have been open for 12 months or longer. Corbitt indicates that “the franchise group expects to open additional locations in the future,” but growth is contingent on “identifying shopping centers that match the outstanding demographics and location offered at Towne Square.”
“This destination retailer represents an excellent addition to Town Square, based on the high volume of new customers it will generate, which will benefit our entire tenant roster,” said Kristina O’Keefe, CRC’s Director of Commercial Leasing. “The suite concept has been proven successful around the country and we believe this better serves the needs of hair styling and beauty practitioners, as well as helping generate stability for the ownership group. The Corbitt family has a long history of success in the central Florida region and they bring the necessary resources and operational experience to make MY SALON Suite a long-term success.”
Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of nearly eight million square feet of commercial space and over 9,000 apartment homes across 10 states, with a portfolio value exceeding $3.6 billion. For additional information, visit www.crcrealty.com.
