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CBRE Capital Markets team has arranged the sale of a 192,654-square-foot office and industrial complex in Orlando.

Boca Raton-based Basis Industrial purchased the property from Miami-based B Group Capital Management for $25 million.

Ronald J. Rogg, Executive Vice President with CBRE in Orlando, represented the seller in the transaction.

Lakefront I & II features four single-story, free-standing buildings located at 6101-6251 Chancellor Drive in Orlando Central Park. The property includes a mix of light industrial, warehouse, flex, showroom, and office spaces. At the time of sale, the property was approximately 83.5% occupied by numerous high credit quality government and publicly traded companies.

“The sale of Lakefront I & II are a result of the timely execution of the investment parameters we set out to accomplish when we purchased the property. This sale emphasizes the strategic disposition program that was set in motion post-pandemic to strengthen our growing portfolio,” said B Group Capital Management Chief Executive Officer Sebastian Barbagallo, who along with Franco Barbagallo, Chief Operating Officer, represented the ownership entity’s investors in the transaction.

B Group Capital Management specializes in strategic asset management through investor relations, deal and lender structuring, along with property acquisition and repositioning as a subsidiary of B Group Holding Company, a family-owned real estate conglomerate that has acquired, improved and managed Class A and Class B office buildings and warehouse buildings across 16 properties in five different cities across Florida, Georgia, and North Carolina. B Group, through its parent company B Developments, also develops, acquires, and repositions multifamily assets throughout the Southeastern United States.

Basis Industrial was represented by Anthony Scavo, Ahmad Elayyan, and Jay Massirman.

Basis Industrial has combined over 100 years of real estate experience with over $5 billion in invested capital spread among 15 million square feet of industrial real estate.

CBRE announced that Todd Davis, SIOR, CCIM has joined the firm’s Orlando office as a First Vice President, specializing in Office Agency Leasing in Orlando.

“We welcome Todd to CBRE and look forward to his success as he leans in to increase the Orlando agency portfolio through strategic pursuits and his strong client relationships,” said Jim Gray, CBRE Managing Director and market leader for Orlando.

Prior to joining CBRE, Davis was a member of the Cushman & Wakefield platform for five years, representing strong institutional and private capital ownership groups throughout Orange and Seminole Counties. During that time, he grew their portfolio from approximately 200,000 square feet to over 2.5 million square feet.

Davis achieved the Certified Commercial Investment Member (CCIM) designation in 2002 and the Society of Industrial and Office Realtors (SIOR) member in 2015. 

CFCAR Member Rick Gonzalez, CCIM, ALC of SVN | Saunders Ralston Dantzler sold 2 acres at the intersection of Orange Avenue and Abrams Road in Eustis, FL for $1,200,000.

This sale is the result of face-to-face networking efforts that pay back multiple times over many years.

This area continues to grow at a rapid pace since completion of the Wekiva Parkway.

Source:  FLCCIM

Ron Osborne, Managing Director/Broker of Sperry - RJ Realty, represented the Buyer, GCDC Orlando LLC, in the purchase of a medical office located at 4980 E Irlo Bronson Memorial Highway in St Cloud.

PD ST. CLOUD LLC sold the medical office building for $5.3 million.

The newly constructed build-to-suit property was built for Sanitas Medical Center, which currently occupies the property. The Tenant signed a 10-year lease with over 9 years remaining with an annual increase at the time of the sale.

Sanitas operates 6 other locations in greater Orlando and has 68 medical facilities throughout Florida, Texas, Tennessee, Connecticut, and New Jersey.

Osborne also arranged for the financing of the acquisition with FirstBank Florida. Jeff Goldstein, Vice President, Business Relationship Officer, represented FirstBank Florida in the transaction, with 50% down at an attractive interest rate of about 7%.  Osborne has a long-standing relationship with FirstBank Florida along with other lenders.

“Obtaining financing for a nonresident buyer is extremely difficult without them having a permanent residence in the United States,” stated Osborne. “We have been very successful in helping our client obtain loans from different lenders.”

Osborne stated that the Buyer is still looking for great opportunities to acquire additional assets this year.

“They must be in a major MSA with a cap rate over 7.5%+ or approaching it with annual rent increases,” Osborne explained. “With the more normalized interest rates of 7 to 8%, both developers of STNL properties are adjusting their offerings prices to meet the buyer’s expectations of being able to purchase a property and obtain a reasonable amount of leverage,” he added. “The days of 4 to 5% cap rates are coming to end. Developers need to develop in order to stay in business and recognize that as their construction loans are coming due, they will need to meet the market demands.”

The property was represented by Jeffrey Cicurel with JLL’s Miami office.

Top CRE pros and business leaders are celebrating innovation, achievement, and excellence at the 2024 Annual HALLMARK AWARDS, which honors the region’s commercial real estate highest producing brokers and brings the award ceremony back to downtown Orlando.

“We will be awarding the Strickland Lifetime Achievement for 2024 to Yvonne Baker, Executive Director FSU Real Estate Center at Florida State University and we couldn’t be prouder to honor this Central Florida Icon,” explains Sharisse Walton, 2024 HALLMARK Awards Committee Chair. “We are also excited to introduce a new event format and venue this year -- The HALLMARK AWARDS event will take place from 5 to 7 pm. on Wednesday, July 24, 2024, at The Great Southern Box Co. Food Hall.”

The Annual HALLMARK Awards event is presented by the Central Florida Real Estate Association (CFCREA)in association with the Central Florida Commercial Association of Realtors® (CFCAR). Walton stresses that this years’ event is sure to offer some unique insights into Orlando’s historic Packing District. The Great Southern Box Co. Food Hall is a 13,000 SF adaptive reuse building that was originally a warehouse space used by Dr. Phillips’ citrus company. It has over ten food vendors, two outdoor patios, a 5,000+ SF event space, and a micro-brewery still in the works.

Led by Dr. Phillips Charities, the development of the site represents an opportunity to celebrate the history of The Packing District and look toward the future of the community, the city and the region. The district’s master plan has been designed to encourage community wellness from the development of a new regional park to the network of plazas – each connected by pedestrian and bike trails that stitch everything together.

“As always, the HALLMARK Awards event will honor the top commercial real estate producers for in 2023 in the Greater Central Florida market by recognizing innovation, extraordinary production and industry leadership in Alachua, Brevard, Flagler, Lake, Marion, Orange, Osceola, Seminole, Sumter, and Volusia Counties. In addition to recognizing top producers in numerous categories and across the different counties, special awards will also be announced for Community Service and Deal of the Year,” Walton continued.

For the second year, HALLMARK Award Sponsorships and Awards Submission process have been simplified.  They are once again accepting applications for both ONLINE via their website at https://cfcar.net/2024-hallmark-awards.

Rafael Mendez, CCIM, 2024 CFCAR President, invites business leaders to join top brokers to the event. “We look forward to seeing you in July at The Great Southern Box Co. Food Hall to celebrate HALLMARK!”

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Constellation Real Estate Partners and capital partner Northwestern Mutual plan to develop Constellation Air Commerce Park, a three-building, 972,079-square-foot industrial park in Orlando. The partnership recently acquired 75.1 acres located at 10195 Boggy Creek Road, about six miles from Orlando International Airport, for the project.

Within the park, Building 100 (232,497 square feet) and Building 300 (283,580 square feet) will both have front-park/rear-load configurations and Building 200 (456,002 square feet) will have cross-dock loading.

C4 Architecture and Florida Engineering Group designed Constellation Air Commerce Park to achieve LEED certification. The project will feature 36-foot clear heights, multiple points of ingress/egress with full circulation, trailer parking, ESFR sprinkler systems and LED lighting.

Construction is set to begin this year with completion scheduled for the third quarter of 2025.

Constellation and Northwestern Mutual have tapped Jared Bonshire, David Perez, Taylor Zambito, Ryan Hubbard, Sara Bravo and Jasmine Yarbrough of Cushman & Wakefield as the leasing agents for the project.

 

Source:  RE Business