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  • 10/26/2023 12:34 PM | Debbie Colangelo (Administrator)

    Lincoln Property Co. is eying a vacant lot across from the Lake Eola amphitheater for a new mixed-use tower.

    The 1-acre site includes two parcels: 170 E Washington St. and 137 Wall St., which houses a parking lot and condemned office building for St. George Orthodox Church, which was built in 1926.

    Scott Stahley, executive VP of LPC’s Florida office, filed an Appearance Review Board application last month hoping to get on the board’s October agenda for a courtesy review but later withdrew the request and renderings with plans to resubmit in a few months.

    Graham Oakley with Baker Barrios is the lead designer and described the project as a 305-foot tower that would combine 364 residential units with a hotel and commercial space.


    Source:  GrowthSpotter


  • 10/23/2023 10:01 PM | Debbie Colangelo (Administrator)
    Cushman & Wakefield announced the commercial real estate services firm is bolstering its retail practice in Florida with the addition of three new team members.

    The team includes Sean Glickman, Chris Smith, and David Craig, who will each be based in the firm’s Orlando office.

    Glickman and Smith will serve as Managing Director and Director, respectively, while Craig will serve as a financial analyst and joins as a support member for the team. Their primary focus will be on private capital investors and unanchored shopping centers in the central and northern part of the state.

    “Our team is excited to be part of the firm and look forward to being of service to its retail platform. By partnering with Cushman & Wakefield’s investment advisory, single tenant sales, and leasing teams, our ability to serve clients will be unmatched,” said Glickman.

    Both Glickman and Smith come from Colliers where they worked together on the Retail Investment Sales team for Central Florida. During their time there, Glickman led that team which provided financial analysis, valuation, investment sales, equity and debt placement and redevelopment expertise.

    Glickman has worked as a retail investment sales broker at several other well-known commercial real estate firms over the years. He also an entrepreneur having formerly owned two businesses in sales and insurance during the start of his career. Smith has been in retail investment sales since 2012 and has partnered with Glickman for most of his commercial real estate career. He gained valuable experience in client relationship management and building long-term business partnerships before getting into commercial real estate that have helped him successfully close retail deals.

    Wanda Riley, Cushman & Wakefield’s Managing Principal of Florida, added “Cushman & Wakefield continues to invest and leverage the strength seen in our Florida markets. This fantastic team brings extensive retail expertise, and their addition demonstrates our firm’s continued growth in the state.”

    “We are excited to have Sean’s team based in Orlando and be primarily focused on private capital investment in retail centers and unanchored strip centers. We look forward to working with Sean and his team on opportunities in Central and North Florida where the collective talent of both teams best serves the client’s needs,” noted Mark Gilbert, Cushman & Wakefield’s Retail Capital Markets Leader for the Americas.


  • 10/17/2023 6:36 PM | Debbie Colangelo (Administrator)

    The city of Debary is looking to hit pause on new development proposals for nine months while it overhauls its land development code.

    According to city staff, the pending growth moratorium, which passed first reading by the City Council on Oct. 4, would not impact projects already under review or those within the city’s transit-oriented development district — a 261-acre area around the SunRail station.

    The ordinance is slated to come back before the council for final adoption on Oct. 18.

    “The temporary development moratorium is focused on the review, the adoption, and the implementation of a new land development code,” said Steven Bapp, the city’s growth management director. “Our land development code is probably twenty years old. We are transitioning to a more modern type code.”

    Bapp said the city has been planning to update its code since 2020, when a third-party contractor was tabbed to help with the process. That task was delayed due to turnover in the city’s growth management division and the COVID-19 pandemic.

    The code has not seen a facelift to this scale since DeBary became a city in 1993, Bapp said, adding that the process will consist of several meetings and workshops with council members and residents.


    Source:  GrowthSpotter

  • 10/12/2023 7:20 PM | Debbie Colangelo (Administrator)
    JLL has been selected to lease Nona Medical Center, a new, 45,000-square-foot facility located within the 23-acre mixed-use development East Park Village in Orlando.

    Now under construction, Nona Medical Center will be situated at 10735 Moss Park Rd, less than 1 mile east of AdventHealth’s 67.28-acre new mixed-use campus. in Orlando’s highly desirable Lake Nona neighborhood that sits within close proximity to Lake Nona Medical City, a premier location for medical care, research and education.

    The JLL brokerage team of Lucia Hedke, Managing Director and Florida Healthcare Lead and Micah Strader, Managing Director will spearhead leasing efforts on behalf of the building’s ownership group, Onicx Group. Known as the chosen partner of healthcare systems and physician groups throughout the state of Florida, Onicx Group is an established multi-asset real estate developer with focus in healthcare, multi-family, industrial, and mixed-use commercial real estate.

    “Florida continues to see demand for healthcare related services as the state benefits from steady, organic population growth, domestic migration, and a strong labor pool including nursing professionals that will continue to attract and expand new medical users,” said JLL’s Florida Healthcare Lead Lucia Hedke. “Thanks to its strategic location and additional amenity base close by with East Park Village, Nona Medical Center will be the ideal choice for local healthcare groups looking to expand their footprint in the region or new to market companies making their entrance into Florida.”

    Nona Medical Center will bring 45,000 square feet of medical office space across three floors to East Park Village, a 23-acre mixed-use project, with 18 developable acres located in the fourth fastest growing community in Florida. The project will consist of a 264-unit multi-family development, a 12,540-square-feet retail center, and a 150-key Wyndham hotel. Tenants at Nona Medical Center will enjoy 14’8’’ ceiling heights, two electric gearless traction elevators, and 215 dedicated parking spaces. Ample tenant improvement allowances and signage opportunities are also available.

    “Lake Nona has quickly become the state’s leading health innovation hub,” said JLL’s Micah Strader. “The delivery of Nona Medical Center will be a testament to the area’s commitment to creating a centralized focus of sophisticated medical treatment and that will foster related research and education.”

    Nona Medical Center is strategically located at the exit ramp of the 417 and Moss Park Road, ensuring high visibility and exposure, and only three miles from Lake Nona Medical City, a landmark 650-acre health and life sciences park known as the signature location for medical care, research, and education. The medical center is anchored by University of Central Florida (UCF) Health Sciences Campus, Sanford Burnham Prebys Medical, Discovery Institute, VA Medical Center, Nemours Children’s Hospital, University of Florida Academic & Research Center, MD Anderson Orlando Cancer Research Institute, Johnson & Johnson, UCF’s Lake Nona Hospital, and the soon to break ground UCF College of Nursing.

    According to a recent report by JLL, the Orlando medical office market is highly regarded, with 217 buildings and over 10.4 million square feet of space where Class A buildings account for more than 30 percent of the inventory. The city is well-positioned to attract tenants in the market relative to other markets due to its amenity base and centric location across Central Florida.

  • 10/10/2023 4:38 PM | Debbie Colangelo (Administrator)

    Tom R. Kelley, CCIM, Principal at NAI Realvest, reported the successful leasing of three industrial units at the South Park Business Center located at 8600 Commodity Circle in Orlando.

    In Unit 160, You Restorations, LLC has leased 2,499 square feet of industrial space. You Restorations is a provider of roof replacement, home restoration, and home water/solar energy system solutions, offering comprehensive services to meet a variety of property needs.

    Arc One Protective Services LLC. Leased Unit 164 with 1,825 square feet. Arc One Protective Services is a professional private security and consulting agency, specializing in a wide range of security and consulting services.

    Completing the trio of leases, Unit 129 with 1,830 square feet, is occupied by Coastline Cooling, LLC. Coastline Cooling is a leading provider of factory authorized service for refrigeration, foodservice equipment, and HVAC equipment.


  • 10/06/2023 3:29 PM | Debbie Colangelo (Administrator)

    The Northwest Distribution Center, a 668,800-square-foot industrial property at 1349-1501 Ocoee Apopka Road, sold for $90.55 million.

    Clarion Partners is the buyer. Oakmont Industrial Group and PGIM Real Estate were the seller.

    Oakmont Industrial Group invested $50 million in Phase I of the Apopka property in 2008 with two buildings. They built two additional buildings in 2017. The center’s four buildings range from 124,000-207,000 square feet on 45 acres at the northwest corner of State Roads 429, 414 and 451.

    Industrial development activity continues to grow in the Northwest Orange County submarket. The City of Apopka is looking at 2.6 million more square feet of warehouse space in areas around the municipal airport.

     

    Source:  Connect CRE


  • 10/03/2023 5:42 PM | Debbie Colangelo (Administrator)

    EML Realty Partners, based in Jupiter, Florida, announced the acquisition of two new industrial properties in Melbourne and Daytona Beach.

    The first property, located at 7003 Technology Dr. in Melbourne (top photo), totals 17,568 square feet on two acres.

    The second property, located at 840 Jimmy Ann Drive in Daytona Beach (bottom photo), totals 18,800 square feet on approximately 3 acres.

    Ferguson Plumbing Supply has been the tenant in both of these buildings since 2006. The purchase price of these buildings, around $50 per square foot, was less than the land value alone.

    “Both of these properties are great value add extremely functional buildings with excess land for storage and the rents are way below market” said Eric Levitt. “We are excited to add these value add industrial properties, leased for many years by Ferguson Plumbing Supply, an NYSE credit tenant, to our growing portfolio. This will be a great long term deal for EML as the rent adjusts to a market rate, that will add significant value to our purchases.”

    The purchase of these two buildings marks EML Realty Partners’ 10th acquisition this year with over $35 million in purchases, with the plan to close on a few more properties before year’s end. The higher interest rate environment has created many off-market opportunities that EML has taken advantage of.

    EML Realty Partners specializes in the acquisition of opportunistic commercial real estate investments, specializing in value-add industrial all over the state of Florida. Prior to moving to Florida, EML Realty Partners was a very active and well-respected real estate firm in the Mid-Atlantic region.


  • 09/28/2023 6:34 PM | Debbie Colangelo (Administrator)

    Coral Gables-based Shoma Group has taken over the development plans for a new 16-story apartment tower in Orlando’s Central Business District and rebranded it as 550 Shoma.

    The building will rise on a 1.1-acre lot at 550 Mariposa St. that was entitled for a second phase of a condo project called Eola Place. It was previously under contract to New York-based Lexin Capital, which filed the new master plan in 2022 and worked with architecture firm Baker Barrios on the design of the building. The development plan calls for 223 residential units, a parking garage that can accommodate 425 vehicles and 17,160 square feet of commercial space on the ground floor.

    Led by CEO and Chairman Masoud Shojaee, Shoma Group has a 30-year track record in South Florida that involves more than $5 billion in real estate transactions. This is the company’s first project in Orlando.

    Shoma Group President Stephanie Shojaee said 550 Shoma will feature various options to cater to different lifestyles and preferences, and the company will introduce its Shoma Bazaar branded food hall to anchor the ground level retail. She said the Bazaar will be two stories with a the second floor being a bar overlooking an open terrace.

    Construction will commence in the second quarter of 2024 with expected completion by 2026.


    Source:  GrowthSpotter


  • 09/22/2023 12:38 PM | Debbie Colangelo (Administrator)

    The next meeting will be:

    Friday, October 13th, 2023

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

    at the

    Orlando Regional Realtors (ORRA) Building
    1330 Lee Road
    Orlando, FL 32810

    (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!

    Breakfast Provided by CFCAR



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