Orlando’s real estate world saw some solid investment sales, leases and new developments crop up in late 2013 and that bodes well for more good deals to come in this year.
Growing commercial real estate investment sales or developments are a sign of interest in the region, meaning that those with cash are putting stock in the area. In some cases, a new owner can refurbish or re-tenant properties that may have been struggling or keep a successful property going strong, helping boost neighboring property values. And new development creates plenty of construction jobs, while adding to the local property tax rolls.
Here’s a look at some of the deals that closed out last year:
• Atlanta-based Carroll Organization dropped $36.3 million, or $121,812 per unit, to buy the 298-unit Bala Sands Apartments in west Orlando from Balapines Partners LP. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield of Florida Inc. represented the seller in the deal. The Carroll Organization plans to rename the community Arium Bala Sands.
• Inland Real Estate Corp.’s (NYSE: IRC) related Inland Goldenrod Marketplace LLC bought the 130,100-square-foot Goldenrod Marketplace shopping center in east Orlando on Dec. 19 for $20 million from Goldenrod Marketplace LLC.
• Canadian investor Highyon Assets Corp.’s related Highyon Shopping Center Investment Funds No. 107 LP spent $10.2 million on Nov. 22 to buy the Parkwood Plaza shopping center at 3191 West Colonial Drive in Orlando from Parkwood Plaza LP and Kensington Gardens Builders Corp. The property includes a 148,232-square-foot retail center and 12.9 acres of undeveloped land. Cynthia Shelton and Kane Morris-Webster of Colliers International Central Florida represented the seller.
• The Villages of Lake-Sumter Inc. bought a 778-acre site in Lake County’s Fruitland Park for $7.6 million from Pine Ridge Dairy Inc. and Bernice W. Jeffcoat Revocable Living Trust. The Villages plans to build a 2,000-unit residential neighborhood on the site. Daryl Carter of Maury L. Carter & Associates Inc. brokered the sale.
• M/I Homes of Orlando LLC bought the 32.3-acre Econ Landing town home development site at the corner of Curry Ford Road and State Road 417 in east Orlando for $4.5 million from Econ Landing LLP. Cole Whitaker of Hendricks-Berkadia and Bob Hold of Hold-Thyssen Inc. represented the seller, while Jim Dowd of Dowd Properties Inc. represented the buyer.
Meanwhile, New Smyrna Beach is getting a new condominium development for the first time in eight years. Eckell Development plans to break ground in the spring on Waterford, a $16 million, 19-unit luxury beachfront condo complex at 807 South Atlantic Avenue. Units will be priced from the mid-$600,000s to $1.5 million.
Eckelkamp Construction Inc. is the general contractor, Dan Draper Architect LLC handled the design, Olsen Structural Engineering was the structural engineer, Daniel Johns PE was the civil engineer, Architectual Engineering Inc. was the mechanical engineer.
And here are some industrial leases:
• American Woodmark Corp. signed a lease for 33,600 square feet of space at 7443 Emerald Dunes Drive in the Lee Vista area in southeast Orlando. Bo Bradford and Tom McFadden of Lee & Associates-Central Florida represented the landlord, while Lisa Bailey of Morrison Commercial Real Estate represented the tenant.
• American Builders & Contractors Supply Co. Inc. leased a 31,500-square-foot space at 110 Atlantic Annex Pt. in Maitland. Bill Parke of Colliers International Central Florida represented the landlord, Southern Seminole Investments LLC. Greg Rebman of RK Properties represented the tenant.
• Rite Rug Co. leased a 25,000-square-foot lease at 4670 LB McLeod Road in southwest Orlando. Matt Sullivan, Wilson McDowell and Bobby Isola of Colliers International Central Florida represented the landlord, Principal Global Investors. Jim Garrett of National UC Realty in Ohio represented the tenant.
• Adventist Health System/Sunbelt Inc. leased 18,656 square feet of space at 3017 N. Orange Blossom Trail, just northwest of downtown Orlando. Bo Bradford and Tom McFadden of Lee & Associates-Central Florida represented the landlord, and Katherine Rush of Crossman & Co. represented the tenant.
• McCollister’s Transportation Group Inc. inked a lease for 19,650 square feet at 7443 Emerald Dunes Drive. Bo Bradford and Tom McFadden of Lee & Associates-Central Florida represented the landlord; Nathan Anderson of NAI Brannen Goddard represented the tenant.
