The next meeting will be:

Friday, November 8th, 2024

Doors open at 8:30AM
Meeting starts at 9:00AM
at the

NEW! Orlando Regional Realtors (ORRA) Building

5421 Diplomat Circle, Orlando

(Gulf Classroom-Behind Home Depot)

(Your properties must be on TotalCommercial to be presented.)

Sponsored by the Florida CCIM Chapter Central District since May 2008
Co-sponsored by ORRA Commercial Council and CFCAR | CFCREA.

NO REGISTRATION NEEDED
Just show up ready to make some money!

Hope to see you there!

Breakfast Provided by CFCAR

On Tuesday, Orange County Commissioners unanimously voted to extend the Zoning in Progress ordinance, pausing certain new developments until June 2025.

Developers have until December 11 to submit new applications before the extension takes effect.

The new ordinance, which replaces the one from May, imposes a six-month pause on applications for land use amendments, rezonings, and special exceptions, but only in specific unincorporated areas of the county, excluding high-growth regions like Horizon West and Avalon Park.

This pause aims to facilitate the adoption of the updated Vision 2050 comprehensive plan and Orange Code, which has been delayed until June 3. County officials noted the importance of addressing public input and ensuring clarity for local schools regarding planning for new facilities.

Vision 2050 anticipates an influx of 500,000 new residents by 2050, directing 41% of this growth toward targeted areas like the I-Drive Corridor, aiming for more walkable, mixed-use developments. Currently, the county is exploring development options for vacant properties near the future SunRail station, including plans for nearly 2,700 multifamily units and commercial space.

Source:  GrowthSpotter

Rodrigo Rocha is a real estate broker and co-owner of R & Rocha Imoveis in Brazil.

Rodrigo is looking to expand his knowledge in the American real estate market and, with that, he joined CFCREA to learn about the methodology and information to be able to add more transparency to the Brazilian real estate market and, in the future, be able to make recommendations to American professionals for Brazilian clients who are interested in investing in the American market in vacation and rental homes.

"The American market is known for being one of the investments with the greatest security and quality in the world," explained Rodrigo.

Stonemont Financial has secured LG Electronics USA as a tenant for a full-building lease at the Lakeland Commerce Center, located about 30 miles from Tampa via I-4.

LG will occupy Building 400, a 348,740-square-foot facility that was completed in the first quarter of this year, using it as a distribution center for its home appliances and consumer electronics.

Additionally, Stonemont Financial has recently welcomed other tenants to the Lakeland Commerce Center, including Lifting Gear Hire, which leased 36,420 square feet in Building 200, and an undisclosed tenant who signed a lease for 75,740 square feet in Building 100. With the addition of LG Electronics, the park is now 51 percent leased, as reported by Stonemont Financial.

 

Source:  RE Business

Mary Frances West, CCIM, Vice President at NAI Realvest, announced the successful renewals and expansion of three tenants in Brio Business Center, representing the landlord, Juanita Mobile Home Park, LLC dba Brio Business Center.

Brighter Nights, LLC renewed 1,260 square feet at 1141 West Airport Boulevard. Brighter Nights provides permanent low voltage lighting systems directly to contractors and distributors. 

Native Vanilla, Inc. renewed 5,420 square feet at 1255 West Airport Boulevard. They also expanded into an additional 1,600 square feet located at 1267 West Airport Boulevard. Native Vanilla manufactures high quality vanilla products and flavors for retail, industrial and private label industries.

Apex Companies, LLC renewed 1,725 square feet at 1109 West Airport Boulevard.  Apex Companies is a consulting and engineering services firm specializing in water, environmental, H&S, compliance, and infrastructure.

Principal Asset Management is adding a two-building industrial property to its portfolio, as reported by Orlando Business Journal.

The asset, located in Kissimmee, Florida at 5010 and 5030 Industrial Lane, is known as Osceola Logistics Center. One of the buildings spans 133,380 square feet, while the other comes out to 147,420 SF. That makes up a total of 280,800 SF.

The property consists of 48 off-dock trailer positions, 86 high dock doors, food storage, and freezer space.

InLight Real Estate Partners and Black Salmon Capital, under a partnership through Industrial Lane Kissimmee Propco LLC, sold the asset and was represented by Cushman & Wakefield.

According to the CRE firm, the property is 100 percent leased to one tenant that provides food and grocery storage

Source:  GlobeSt.

CBRE announced that David Murphy has been promoted to Vice Chairman, the highest title for producers at the company.

Murphy leads a multi-disciplined industrial and logistics team that manages industrial real estate transactions throughout their entire lifecycle, including land acquisition, leasing, and dispositions.

With an impressive track record of over $5 billion in lease and sale transactions during his 26-year career, Murphy has established himself as a leader in the commercial real estate sector.

“David has built an amazing team that executes at the highest level for our valued clients,” said John Morris, President of Americas Industrial & Logistics, CBRE. “His exceptional leadership and unwavering commitment have been instrumental in driving our success. This promotion reflects our confidence in his vision and ability to lead us into the future."

Murphy has earned numerous industry accolades, including a consistent ranking as a top producer in CBRE’s Orlando office. Notably, Murphy has been recognized as the Industrial Broker of the Year by NAIOP Central Florida for 20 consecutive years and has been featured in trade publications as one of the nation's top commercial brokers.

Kimco Realty announced the acquisition of Waterford Lakes Town Center, a 976,000-square-foot signature asset spanning 79 acres in Orlando for $322 million, including the assumption of a $164 million mortgage.

The property, which is approximately 99% occupied, features a high-quality tenant mix that combines lifestyle and entertainment uses with essential goods and services.

Located in Orlando’s upscale West University submarket, Waterford Lakes Town Center sits three miles south of the University of Central Florida, which is the largest university by enrollment in Florida with approximately 70,000 students. The shopping center serves an extensive trade area, with an estimated population of over 228,000 and an average household income of $111,000 within a five-mile radius, and situated in one of the fastest-growing metro areas in the U.S.

These strong demographics drive 13.6 million annual visits to the center, with several anchors and national tenants ranking among the top traffic generators for their respective chains in Florida according to Placer.ai. Waterford Lakes features Florida’s most visited Super Target grocer (shadow), TJ Maxx, Ross Dress for Less, Best Buy, Panera Bread, and Bath & Body Works. Recent additions, including Lululemon, Nike, Shake Shack, Warby Parker, Sephora, and Tiger Woods’ PopStroke, further underscore the strength of tenant demand.

Constructed in 1999, the center presents significant mark-to-market opportunities from below market in-place leases with several original anchor tenants set to expire over the coming years. Additionally, growing demand from high-end shop tenants, who pay significantly higher rents, will allow Kimco to further enhance the merchandising mix and drive long-term rent growth.

The acquisition of Waterford Lakes further solidifies Kimco’s prominence in the Orlando market, expanding its portfolio, which had an average occupancy rate of 98.2% at the end of the second quarter of 2024, to 18 centers encompassing over four million square feet of gross leasable space.

“Waterford Lakes Town Center stands out as one of Florida’s most vibrant shopping destinations, bolstered by a robust population, high income levels, and significant daily traffic that drive exceptional retailer sales,” said Ross Cooper, Kimco’s President and Chief Investment Officer. “This irreplaceable property aligns perfectly with our acquisition strategy, enhances our high-quality portfolio, and strengthens our position as a premier shopping center owner in the core Orlando market. We are excited to leverage our extensive operating platform and deep tenant relationships to unlock the full growth potential of this dominant shopping center by recapturing below-market leases and further enhancing its already excellent merchandising mix.”