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  • 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



  • 09/21/2023 7:35 PM | Debbie Colangelo (Administrator)

    Berkadia has secured a $53.7 million loan for the acquisition of Lakeside Village, a 460,000-square-foot, regionally dominant, open-air lifestyle center in Lakeland.

    Managing Director Scott Wadler, Senior Director Matt Nihan and Associate Director Alec Fox of Berkadia South Florida secured the financing on behalf of the buyer, Continental Realty Corporation, a full-service real estate company based in Baltimore, Maryland.

    Jennifer Power, Vice President of Capital Markets at Continental Realty Corporation, oversaw and negotiated the transaction. City National Bank of Florida (CNB) originated the five-year loan.

    “We are pleased to have worked in conjunction with the Berkadia team to execute in a challenging financing environment,” said CRC’s Power. “Berkadia shares in our philosophy of fostering relationships and creating strong partnerships. City National Bank of Florida’s expertise in the real estate sector, understanding of the area’s high-growth demographics, and property’s stable tenancy, led to a solid execution for all.”

     

    “City National Bank was attracted to Lakeside Village’s substantial barriers to entry and the sponsor’s successful track record repositioning similar assets,” continued Wadler. “Lakeside Village enjoys an excellent location adjacent to I-4, with the nearest comparable lifestyle center located more than 35 miles away. Further, it is complemented by several market-leading hotels and newly-built apartments situated just steps from the property.”

     

    “With this acquisition, Continental Realty Corporation is poised to enhance the quality and tenant mix of Lakeside Village, reflecting the consistent improvements they have achieved across their extensive retail portfolio,” said Fox.

    Located at 1479 Town Center Drive, Lakeside Village is situated along Central Florida’s I-4 corridor between Orlando and Tampa in Polk County, known as the second-fastest growing metro in the United States and Florida’s distribution hub, the epicenter of e-commerce distribution in the state. The property was built in 2005 and is leased to over 70 tenants covering a variety of categories, including food and beverage, entertainment, medical/healthcare, fitness, apparel, and services. It also includes 46,000 square feet of Class A office space, and is anchored by CMX Cinemas, Kohl’s, Belk, and Books-A-Million.

    Lakeside Village is minutes away from the Publix Corporate Headquarters, the Town Center Lakeside Village Apartments, the Grassland Golf & Country Club and multiple new residential communities planned or under construction.

     


  • 09/19/2023 7:39 PM | Debbie Colangelo (Administrator)
    WMG Development recently acquired a 5.5-acre site in Winter Park, where the company is headquartered.

    Orange County records show that WMG Development paid $4.1 million on Sept. 8 for the site, located at the northwest corner of Avalon Road and Marsh Road/Stoneybrook West Parkway. A development with a freestanding Heartland Dental and a small 10,000-square-foot retail building with a drive-thru end-cap opportunity is planned for the land.

    WMG Development's other recent activity includes:

    • spending $8.6 million to buy 5.7 acres in Clermont, near where a Costco is being built
    • ramping up plans for a Publix-anchored shopping center in Apopka
    • and it recently put the finishing touches on its nearly 9-acre, seven-parcel Narcoossee Cove retail project, near Lake Nona.


    Source: OBJ

  • 09/14/2023 7:42 PM | Debbie Colangelo (Administrator)
    Owner Ray Horal has been blown away by the amount of support he’s received from the community for a unique retail concept that focuses on philanthropy.

    The Good Pour, started by Horal and his wife, Giuliana, is gearing up to make a big move after taking over the lease of the former CVS store in the heart of College Park at 2201 Edgewater Drive.

    The company expects to donate an average of 6.5% to 8% of every purchase to nonprofits. Horal said some products would see more than 10% of the sale going to the charity of the customer’s choice.

    Before the store can open though, the city of Orlando has to grant a conditional use permit to allow alcohol sales within 100 feet of a church.

    The company opened its first franchise location in Winter Garden in January. Its Gainesville store is expected to welcome its first customers in the coming month while the owners are seeking final approval from the city of Longwood to move into a True Value hardware store there. Plans are underway to open locations in Oviedo, Maitland, Apopka, Lake Nona, and Lakeland.

    While the other planned locations are part of franchising agreements, the recently vacated CVS leased by The Good Pour would serve as the site of its first corporate store — a model for other stores to follow.


    Source:  GrowthSpotter

  • 09/12/2023 8:07 PM | Debbie Colangelo (Administrator)

    A Nashville-based development company is looking to utilize Florida’s new Live Local Act to bring a 200-unit apartment community to land near the intersection of E. Colonial Drive and N.Semoran Boulevard.

    The affordable housing division of Elmington Capital Group submitted a preliminary application to Orange County on Thursday requesting a meeting with county staff to discuss a proposed four-story project on 8.7 acres just east of the Orlando Executive Airport.

    According to application materials, 40% of the units would be designated as either workforce housing for residents earning less than 80% of the area median income or at a slightly higher rate for residents earning less than 120% AMI.

    A concept plan drafted by Elmington shows a gated community with two four-story apartment buildings. The smallest building would also include a clubhouse and leasing office fronted by a pool deck and amenity area.


    Source:  GrowthSpotter

  • 09/07/2023 10:14 AM | Debbie Colangelo (Administrator)

    The next meeting will be:

    Friday, September 8, 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


  • 09/05/2023 7:03 PM | Debbie Colangelo (Administrator)

    After sifting through 182 spaces, Amy Calandrino, CEO of commercial real estate firm Beyond Commercial, found just the right space for Jim and Helena Kucik with Bodenvy Franchising & Bod Brands Marketing.

    The new headquarters, a mixed-use office, and retail space in the Pembrook Maitland building enables the couple to implement their 3 to 5-year growth plan. The plan includes eventually growing from the 3,680 square feet of the current fourteen-month lease to 10,000 square feet. 

    “Helena and I are ecstatic about having a place that allows Bod Brands to serve our clients, team, and dreams.” stated co-owner Jim Kucik. “We feel like this new space reflects our Bodenvy weight loss brand in that it, like our product, is a simple plan that ensures long-term success.”

    Calandrino and the Bod Brands team collaborated to create their office program. They then needed to find the right owner who would value the relationship of leasing to a growth-minded company that could expand in their building.

    “Amy’s passion for helping us achieve our long-term goals was more than we expected from a commercial real estate agent. She more than understood our vision; she embraced it.”

    The six-month renewal options perfectly accommodate Bod Brands’ short-term needs while reducing expenses so they can achieve their long-term vision.

    Tom Kelley and Mary Frances West of NAI REALVEST were instrumental in closing the deal.

    Calandrino, who focuses on relationships, stated, “This is the type of deal we specialize in. We go beyond to help clients like Bodenvy achieve their goals. We’re about more than finding space for a client.”


  • 08/31/2023 1:09 PM | Debbie Colangelo (Administrator)

    Winter Park is looking to change its land-use policies in the coming months in order to encourage and incentivize new development along the south side of W. Fairbanks Avenue between I-4 and Nicolet Avenue.

    The well-traveled roadway serves as a main gateway into the city, but most buildings within this 66.8-acre stretch have stood since at least the 1980s, according to a recent study by planning and design firm Inspire Placemaking Collective, which was tabbed by the city to help with the effort.

    Inspire also determined that this section of Fairbanks — which includes 22 acres of unincorporated Orange County — consists of 31 vacant privately-owned properties, mostly near the I-4 interchange.

    At a planning and zoning commission on Aug. 22, Eric Raasch, principal with Inspire, gave examples of how other cities in Florida have adjusted codes to spur development in targeted areas.

    It’s yet to be determined what specific changes, if any, Winter Park will make. The Winter Park City Commission is expected to hash out a game plan for West Fairbanks Avenue at a special work session scheduled for September 14.

    He said that one area of focus for redevelopment is an aged-out industrial corridor along the south side of Fairbanks Avenue between Clay Street and Nicolet Avenue.


    Source:  GrowthSpotter

  • 08/29/2023 7:57 PM | Debbie Colangelo (Administrator)

    Encore Capital Management has secured a $42 million bridge loan for The Promenade at Sunset Walk – Margaritaville Resort, a 192,659-square-foot retail center in Kissimmee.

    Concord Summit Capital sourced the financing, which was provided by BridgeInvest, and advised the borrower. The funds will repay the construction loan and provide the developer with cash out at closing.

    Completed in 2019 and 2020, the property comprises 14 buildings on an 11-acre lot, part of the 325-acre Sunset Walk master-planned mixed-use entertainment community. The property is nearly 100 percent leased, with only one vacant pad space. Tenants include Studio Movie Grill, Ford’s Garage, Cold Stone Creamery and BurgerFi.

    Located at 3280 Margaritaville Blvd., The Promenade at Sunset Park is near highways 192 and 429 and is roughly 25 miles southeast of Orlando. It is also less than 3 miles from the Walt Disney World Resort, as well as near the Orange Lake Golf Course.

    Concord Summit Capital Chairman Kevin O’Grady and Managing Director Justin Neelis represented the borrower and arranged the financing. The two firms have long collaborated, Concord providing financing for all aspects of the Sunset Walk community’s development. That included $54 million for a 300-unit condominium hotel, $98.4 million for the Margaritaville Resort, the project’s centerpiece, and $60.3 million for the Sunset Walk Apartments.


    Source:  CPE


  • 08/24/2023 3:44 PM | Debbie Colangelo (Administrator)

    Miller Construction Company has begun site work on an 80,000-square-foot warehouse for MSI in Orlando.

    MSI is the leading nationwide distributor of flooring, countertops, wall tile and hardscaping products in North America. The build-to-suit project will serve the company’s evolving storage and distribution needs in the Southeast. Located at

    2140 North John Young Parkway, the industrial site spans 3.53 acres with convenient access to the area’s major highways: I-4 and 408 Expressway. The tilt wall structure is scheduled to be delivered in the first half of 2024.
    “Central Florida has had immense growth over the last few years with many major businesses setting up shop locally and we are excited to partner with MSI on their first project in the area,” said Brian Sudduth, President of Miller Construction. “Our firm plans to execute our construction plan efficiently with top-notch service and reliability for our client.”

    The warehouse will have 25 columns with 50-foot by 54-foot spacing, 29 parking spots, 13 dock doors (some with recessed truck wells for deliveries), full warehouse lighting, exhaust fans and louvers. Miller will also include tenant buildouts of four private office spaces and one open office space measuring roughly 9,500 square feet.

    Additionally, Miller’s team is installing a unique internal crane rail system to lift and move flooring and countertop products around the warehouse. MSI has valued Miller’s preconstruction team during the planning process as the site is extremely tight for a tilt-wall construction project. Precision will be key for the team with only about eight feet of clearance between the neighboring Tesla Dealership on the south side of the property line.

    The project team includes Eleven18 Architecture, Construction Engineering Group (MEP), Gutherman Structural Inc. (structural) and NV5 (civil).  


    Source:  CRE-sources


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