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

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’ 10^th 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.

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

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

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.

 

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

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

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

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