One of Central Florida’s hottest office destinations may see more office space construction.

Lake Nona developer Tavistock Development Co. wants to increase the amount of office space it can build in the Lake Nona Town Center by 145,211 square feet to 525,389 square feet, according to city of Orlando documents.

Orlando-based HuntonBrady Architects is the project architect. The increase in office construction shows the demand office users have for the southeast Orlando neighborhood.

“We attribute much of the demand to the fact that in Lake Nona, companies can provide their employees with a rich environment that goes beyond just the workplace, thanks to our thoughtfully designed, innovative buildings in mixed-use settings,” Ralph Ireland, vice president of development operations, said in an email.

In recent years, Lake Nona has attracted major office users including the new KPMG Lakehouse training facility, Johnson & Johnson Human Performance Institute and the corporate headquarters of both BBA/Signature Flight Support and ClosetMaid Corp.

“They’ve been able to capture in-bound office space demand probably better than anybody else,” said office expert Jeff Sweeney, managing director with Cushman & Wakefield, who is not involved in the project.

Office Center Stats

Southeast Orlando is a growing office submarket. The airport/Lake Nona office submarket had an 8.9% vacancy rate, compared with the Orlando-area overall average of 9.5%, according to Cushman & Wakefield plc’s (NYSE: CWK) most recent market report. In addition, the submarket’s Class A average rents are $31.69 per square foot, well above Orlando’s overall $26.27 per square foot, which shows demand for office space in Lake Nona.

Lake Nona Town Center

The new office space will join the the $780 million, 3.8 million-square-foot, mixed-use town center that Tavistock is developing in partnership with Columbus, Ohio-based Steiner + Associates. The town center also will feature the Lake Nona Wave Hotel, which is designed by Miami-based Arquitectonica with Dallas-based Balfour Beatty Construction as the general contractor. The property will bring 239 hotel rooms to the region and may open in 2021.

 

Source:  OBJ

The Florida League of Cities expects to move from its current space at 125 E. Colonial Drive where it occupies more than 30,000 square feet, according to Orange County records.

The lobbying firm expects to move to 68 S. Ivanhoe Blvd. E. following its purchase of 1.6 vacant acres for $7.5 million on March 16, according to Orange County records.

Orlando-based developer Upshot Capital Advisors LLC's Upshot 68 South Ivanhoe LLC was the seller. Orlando-based Jamison Commercial marketed the property. Orlando-based Foundry Commercial's Gabe De Jesus represented the buyer in the deal. 

Upshot Capital Advisors will develop the property into new office space, said Juan Carlos B. Gomez, vice president of legal affairs. No permits have been filed for the property this year, city of Orlando records showed.

"It is still very early in the development process."

Source:  OBJ

An active Orlando developer has secured acreage near International Drive and Interstate 4, setting up potential new development.

Orlando-based Intram Investments Inc.'s Martini Grand National LLC bought 18 acres for $22.8 million, or roughly $1.3 million an acre, northeast of International Drive and South Kirkman Road on March 6, Kelly Froelich, project manager with Intram Investments, told Orlando Business Journal.

Group Kirkman LLC was the seller. The developer initially plans to make improvements to the property, which features a mix of vacant parcels and roughly 130,000 square feet of retail currently called International Festival.

Source:  OBJ

The United States Census Bureau has designated the National Association of REALTORS® as a National Partner for the upcoming 2020 Census. With the Bureau seeking to enlist the support of various national organizations, NAR is asking the 1.4 million REALTORS® nationwide to help drive Census participation in their respective communities.

Click here to learn how you can help!

“NAR is able to provide tremendous value to our members because of the research we produce examining trends in communities across this country. But the usefulness of that information relies on current, accurate data from the federal government,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco. “Full participation in the Census is in many ways the only way to ensure that data is correct.”

In addition to determining appropriate Congressional representation, roughly $1.5 trillion is allocated to states and localities annually based off of Census results – delivering funds for roads, hospitals, schools and countless other public services. More specifically, this year’s results will influence the allocation of $93.5 billion to Federal Direct Student Loans, $19.3 billion to Section 8 Housing Choice Vouchers and $12 billion to the National School Lunch Program.

With this partnership, the Bureau will provide REALTORS® with promotional materials that emphasize the importance of responding to the 2020 Census, which NAR members and partners are being asked to share with clients and neighbors. Last week, the House Oversight and Government Reform Committee reviewed some of the challenges associated with accurately securing this information at its hearing, Reaching Hard-to-Count Communities in the 2020 Census.

Notices about the 2020 Census will be mailed in mid-March, and the Census Bureau will offer a guide in roughly 60 different languages. This year will mark the first time the questionnaire can be completed online, while options to respond over the phone and through the mail will still be available. In addition, NAR is reminding its members and U.S. residents that the Bureau will never ask for bank account or social security numbers, donations or anything on behalf of a political party, and strict federal law protects the confidentiality of Census responses.

Thank you to all who attended our 2020 Hallmark Awards and shared an opportunity to honor our top commercial real estate producers for 2019! These awards both recognize outstanding performances from the past year and inspire a new generation of commercial REALTORS® to see themselves achieving outstanding transactional accomplishments in the future.

Alliance Member of the Year

Alliance Member of the Year recognizes in good standing for service, support, and commitment to the Central Florida Commercial Association of REALTORS®. The award honors financial support, time contributions, and general assistance with the growth of CFCAR in the past year.

Bryan Scheff, Axiom Bank

Deal of the Year

Deal of the Year recognizes a transaction within the 10- county area that demonstrates the greatest degree of experience, dedication, complexity and/or perseverance.

Bill Dehlinger, RMA Real Estate Services, Amazon Regional Distribution Center

Wilbur Strickland Lifetime Achievement Award

The Wilbur Strickland Lifetime Achievement Award is presented in the name of Wilber Strickland, who has provided a truly monumental influence on commercial real estate in the 10-county area. The award recipient is recognized for outstanding dedication and unending support of the Central Florida Commercial Association of REALTORS®.

John Crossman, Crossman & Company

Circle of Achievement

The following CFCAR members have been awarded a Circle of Achievement award. Each has met or exceeded $3,000,000 of Hallmark volume in 2019.

Andrew McCaw, NAI Realvest

Jeff Bloom, NAI Realvest

Danny Smith, Smith & Smith Realty

Steve Costa, Charles Wayne/NAI Realvest

Mark Allen, Commercial Real Estate Professionals

Sandy Chace, CBRE

Michael Phipps, CBRE

Tommy Kelley, NAI Realvest

Duane Anderson, Marcus & Millichap

Joe Russo, Marcus & Millichap

Scott Harter, CBC Benchmark

Douglas Kinson, Marcus & Millichap

Casey Barker, Marcus & Millichap

Brian Lightle, Lightle Beckner Robison

Wood Belcher, CBRE

Gary Gagnon, Gagnon Real Estate Investments

G. G. Galloway, CBC Benchmark

Chris Adams, NAI Realvest

Mary Frances West, NAI Realvest

Amy Calandrino, Beyond Commercial

Mark Drazek, CBRE

Ray Romano, CBRE

Edward “Chip” Wooten, CBRE

Amanda McClure, CBRE

Scott Gould, Marcus & Millichap

Rory Shelby, Marcus & Millichap

Chris Travis, Marcus & Millichap

Ralph Turchi, Marcus & Millichap

David Vaughn, Marcus & Millichap

Andrew Jaworski, Marcus & Millichap

Bradford Lineberry, Marcus & Millichap

Paul P. Partyka, NAI Realvest

Tom Rich, CBRE

Bobby Palta, CBRE

Dan Baker, CBRE

Kristen Knowlton, CBRE

Alex Gordon, CBRE

CFCAR Top Producers by County

Flagler County
Margaret Sheehan-Jones, Parkside Realty Group

Volusia County
Robert Rand, CBC Benchmark

Osceola County (Tie!)
Shelton Granade, M&M;
Luke Wickham, M&M; and
Justin Basquile, M&M

Lake County (Tie!)
Matt Cichocki, NAI Realvest;
Kevin O’Connor, NAI Realvest

Sumter County
Billie Faye Smith, Smith & Smith Realty

Seminole County
Nicholas Hanson, Marcus & Millichap

Orange County (Tie!)
Shelton Granade, M&M;
Luke Wickham, M&M; and
Justin Basquile, M&M

Brevard County
Jeff Robison, Lightle Beckner Robison

Commercial Category Winners

Retail

James Mitchell, CBRE

Office

Ron Rogg, CBRE

Industrial

David Murphy, CBRE

Land

Dean Saunders, SVN Saunders Ralston Dantzler

Investment

Shelton Granade, Marcus & Millichap

Overall Top Producers (Tie!)

Shelton Granade, M&M

Luke Wickham, M&M

Longtime broker and hospitality expert Robin Webb has established a new Maitland-based commercial brokerage and advisory firm. The firm will handle commercial real estate investments brokerage and consulting.

Well known as an expert in the hospitality industry, Webb has worked in the hotel consulting and brokerage field for over three decades throughout Florida. He has consulted to hotel owners and sold hotels across the entire spectrum of brands from Days Inns to Hiltons. 

Webb has sold in excess of one hundred lodging properties over his career as well as having served as an expert in state and federal courts. He has been appointed as a receiver on a number hotels in Florida.

Joining Webb in the operation is Soozi Jones Walker, a dual designated expert in office leasing and investments. A principal in Las Vegas-based Commercial Executives Real Estate Services, she was the 2016 Woman of the Year in Nevada and a former commissioner on the state’s real estate division. Soozi will continue to serve as president of the Vegas firm. 

“We are excited about the ability to serve clients in both markets with enthusiasm and extensive local market knowledge,” Webb said.

Both principals are extensively involved in serving the industry. Soozi is a former president of both the Nevada SIOR and CCIM Chapters and is a member of the Florida CCIM Chapter. Robin was the 2017 international president of the CCIM Institute and a past Florida CCIM Chapter president. Both have served as directors on their respective local real estate boards of directors and are currently members of the board of directors of the CCIM Institute. Soozi is a CCIM and SIOR while Robin is a CCIM and CPM in addition to holding several hotel designations.  

Cushman & Wakefield has arranged the sale of a 243-acre undeveloped parcel in Orlando, where buyer Dalfen Industrial has plans for a 2.8 million-square-foot speculative industrial project.

As the first true bulk development in the city of Orlando, the Class A asset will be able to accommodate users from 500,000 square feet to 1.5 million square feet, and will be economically competitive with other bulk development markets such as nearby Davenport and Lakeland.

The Cushman & Wakefield Industrial Team of Senior Director Jared Bonshire, Senior Director David Perez and Senior Brokerage Coordinator Taylor Zambito represented Dalfen Industrial in acquiring the land from The Brunetti Organization, with additional assistance from the Capital Markets Team of Vice Chairman Mike Davis, Executive Managing Director Rick Brugge and Director Rick Colon. Bonshire, Perez and Zambito will also handle leasing for the asset.

Dalfen Industrial is one of the nation’s largest buyers of industrial real estate and is a leader in the last-mile property sector. Their investment focus is on strategically located urban infill warehouses and distribution buildings. Dalfen Industrial currently owns and operates millions of square feet of premier industrial properties throughout the Unites States and in Canada.

The 243-acre parcel is situated along State Road 417 near the interchange with Lee Vista Boulevard in southeast Orlando. The site falls within Orlando’s Airport/Lake Nona submarket, which is one of the largest and most in-demand industrial submarkets in Central Florida.

“With this project, Dalfen Industrial is satisfying a strong need in Orlando, as there are a limited number of development projects in our market geared toward bulk users,” said Bonshire. “While there are projects of this scale along the I-4 Corridor, in Davenport, Apopka, and Lakeland, this development is the first of its kind for Orlando.”

Added Perez, “For any bulk occupier needing space to access the over 2.5 million people in the Orlando MSA, this is their opportunity.”

Walt Disney World is in conversations with Virgin Trains to add a new station inside the magical property. Virgin Trains currently connects Miami to Palm Beach and is building the final leg to connect South Florida to Orlando. Virgin Trains plans to connect Orlando to Tampa in the coming years.

Virgin Trains, formerly known as Brightline, has been wanting to have a station in Disney since 2018. Back then, documents filed with the U.S. Securities and Exchange Commission showed a map that had a Disney station.

Senior Vice President of Virgin Trains Ben Porritt told the local media that the proposed Disney-property station would offer over 140 million people an additional transit option to Central Florida’s most-visited destination, Walt Disney World.

While there’s been no formal confirmation from either party on whether the new station will be built on Disney property, its addition would entice both tourists and South Floridians to visit Central Florida and, in turn, benefit the local economy.

The developer of The Grove Resort & Water Park, one of Orlando’s newest vacation home communities, welcomes the move.  The Grove, which sells two- and three-bedroom luxury vacation condos to buyers looking to be five minutes away from Walt Disney World, would see the value of the condos appreciate even faster.

“It would be a brilliant move for Virgin Trains and Disney World to partner up to bring a station to the park,” said Noah Breakstone, CEO of BTI Partners, the developer of The Grove Resort & Water Park. “The station would be a priceless amenity for the millions of tourists who come from South Florida every year. Increasingly, the bond between South Florida and Orlando is growing stronger. We see that every month when South Florida buyers come to The Grove Resort to buy our condo-hotel residences to benefit from the short-term rental program we offer, which offset the cost of ownership. There is a natural synergy between South Florida and Orlando.”

The Grove Resort & Water Park’s turnkey management program is operated by one of the world’s leading hoteliers, Benchmark Resorts & Hotels®. Benchmark takes care of every aspect of owning a residence at this four-star resort. The ample condos – which come with full kitchens, living and dining areas, full-size washer/dryers, and screened patios – provide a good alternative to large families who visit the theme parks and don’t want to stay in a traditional hotel.

With strong tourism, demographics and economic fundamentals, Orlando has emerged as one of the nation’s most attractive destinations for real estate investment. The theme parks have helped attract 75 million tourists last year to the greater Orlando area, up from 72 million in 2017.

 

Black Salmon, a national commercial real estate investment firm, announced the acquisition of 111 North Orange in Orlando for $67.75 million.

The 245,201-square-foot, ‘Class A’ office building is one of the most sought-after towers in the city’s central business district, according to the release.

Set in downtown Orlando, the 21-story building is ideally surrounded by more than 500,000 square feet of walkable, street level retail, as well as new multifamily development, creating a true live-work-play environment. Ninety-four percent leased, notable tenants include Regions Bank, UBS, Geico, and co-working space provider Regus.

According to the Bureau of Labor Statistics, Orlando has led the nation in job growth for the past four years, a testament to its strengthening economy. While the region is often most associated with its robust tourism sector, job growth stemmed primarily from professional and business services, which accounted for more than 20,000 new jobs this year.

Black Salmon’s purchase of 111 North Orange is a significant addition to the company’s portfolio, which includes assets in major markets throughout the U.S., such as the San Francisco Bay Area, Phoenix, and Indianapolis. The firm’s investment strategy continues to focus on acquiring stabilized assets in high growth markets with an educated workforce, robust technology industry, and strong market fundamentals.

“Downtown Orlando has been on our radar since the firm’s inception, and we are so pleased to have identified this rare opportunity to own a landmark office tower in the area,” said Grant Peterson, vice president of acquisitions with Black Salmon. “As we look to 2020, we aim to continue expanding our footprint with similar deals for our select group of investors.”

The expansion of high-speed rail service Brightline, soon to be Virgin Trains, to Orlando’s international airport is expected to further bolster the city’s already booming economy by facilitating new business growth and adding regional transportation options. Orlando is also home to the University of Central Florida (UCF), the largest university in the nation, and the Central Florida Research Park (CFRP), the fourth largest in the country.

On Tuesday, December 10th, CFCAR board members held their annual meeting. At the meeting, the 2020 Leadership election results were announced and toys were collected for the Toys for Tots organization. The toys will be distributed to children whose families cannot afford to buy them gifts for Christmas.

Thank you all so much for a great year!

Happy Holidays!