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  • 06/15/2023 3:23 PM | Debbie Colangelo (Administrator)

    Please join us for our 25th year of celebration of the CFCAR Hallmark Awards, which acknowledges excellence throughout the Central Florida commercial real estate (CRE) industry, on Wednesday, June 21st, 2023 for areception and dinner at the Creative Village’s The Monroe Restaurant. The event will begin at 5 PM and run until 7:30 PM.

    “More than 25 awards will be given this year to industry professionals across our 10-county overlay board,” shares Dan Lyonnais, CCIM, 2023 CFCAR/CFCREA President. “We are excited to be sharing the names of some of our top county finalists. Come and join us next Wednesday to celebrate all the top producers and specialty award recipients and to honor Craig Ustler, CCIM as we give him the Strickland Lifetime Achievement Award.”


    The Hallmark Award Top County Finalists include:


    Trevor Hall

    Colliers


    Richard X. Gonzalez, ALC, CCIM

    SVN Saunders Ralston Dantzler

                         

    Bob Rand, CCIM

    Coldwell Banker Commercial Benchmark


    Paul P. Partyka, CCIM, MiCP, CIPS

    NAI Realvest


    Dean Saunders, ALC, CCIM

    SVN Saunders Ralston Dantzler


    Robbie McEwan, CCIM, SIOR

    JLL Capital Markets


    The annual celebration will be held downtown for the first time in a number of years.

    We hope you'll join us to celebrate the achievements of these Central Florida CRE industry professionals and many others!


    $35 for CFCAR and CFCREA Members* | $45 for Guests


    *Members will need to log in to CFCAR.net and purchase tickets.



  • 06/13/2023 1:17 PM | Debbie Colangelo (Administrator)

    An innovative new concept that has sprouted multiple locations around Texas is expanding into Florida and targeting Orlando for its market entry.

    XSpace Group originated its concept in Australia and now has projects built or in the works in Austin and Houston, Chairman Howard Ecker told GrowthSpotter. The company has engaged veteran Orlando developer Tom Nelson to assist in site selection.

    “Florida is a great target for us — Orlando, Daytona. We have two potential sites in Daytona. We’ve identified Miami is also a target of ours. There’s several cities in Florida that I think could take an XSpace, but my belief is we crawl before we walk before we run — and we’re in the process of just starting to run in Texas. And at the same time, we’re quite interested in sites in Florida and we’re going to look at them. I think Orlando will probably be our first venture into Florida, just because of the demographics and all that’s going on there.”

    Each XSpace building runs about 100,000 square feet and sells customizable office suites as small as 400 up to 10,000 square feet, with mezzanines and terraces. The concrete construction buildings include vehicle lifts and center drive aisles so the owner can park right in front of his suite. Each building costs about $20 million to build.

    What exactly is XSpace?  Watch the video below:

    Source:  GrowthSpotter

  • 06/08/2023 3:35 PM | Debbie Colangelo (Administrator)

    A commercial bread company and developer of cold storage facilities have paid a combined $23.5 million for 114 acres near the Osceola Parkway – Florida’s Turnpike interchange that was rezoned last year to allow for a million square feet of industrial uses.

    The property, which spans both sides of Osceola Parkway, is known as the Constellation Planned Development after the rezoning changed it from mixed-use to industrial. The vacant land was owned by the heirs of the late Wendell “Jock” Spears, who was the original developer of the adjacent Walmart-anchored Gateway Commons shopping center.

    At the time, the site was under contract to Constellation Real Estate Partners, a Texas firm seeking entitlements to build a logistics center there.

    Jared Bonshire, executive director of Cushman & Wakefield, was working with Constellation, and when they backed out of the deal he quickly brought new buyers to pick up the contract.

    “It was an off-market transaction in which I essentially engaged with the ownership trust and the decision maker who was helping them and advising them, which was Christy Wilson, but they did not necessarily engage me as their broker,” Bonshire said. “They basically said if you can find a buyer, we would be happy to discuss, which I did.”

    The trust sold the 55 acres north of Osceola Parkway on March 28 for $11.5 million to an affiliate of Chicago-based Turano Baking Co.

    The parcel reserves 29 acres for conservation and already has a retention pond sized to accommodate the future development.

    The 68 acres on the south side of Osceola Parkway sold on May 30 to Karis Cold, a private investment and development company with expertise in the cold storage industry. The Naples-based company paid $12 million for the two parcels, which had previously been approved for a mix of commercial space and multifamily housing.

    Bonshire said Karis had been under contract for the entire PD when he learned that Turano was scouting locations in Osceola County. Karis agreed to a deal to flip Parcel 1 as a pass-through to Turano Baking.

    Bonshire said Karis initially planned to build a speculative freezer cooler facility on Parcel 2 and a dry storage warehouse facility on Parcel 3 with a combined 500,000 square feet. Those plans could change if they are able to secure end-users prior to construction.

    Karis Cold has been expanding rapidly this year, with new speculative cold storage projects approved in Charlotte and Rock Hill, South Carolina. The company also has two projects  in the pipeline for Florida.

    In Daytona Beach, Karis Cold is building three refrigerated warehouses with a combined total of 807,585 square feet. In Jacksonville, the company is pursuing plans for 265,264 square feet of cold storage, loading dock and office space.


    Source:  GrowthSpotter

  • 06/06/2023 12:51 PM | Debbie Colangelo (Administrator)

    Trevor Hall is Executive Managing Director, Land Services | Central Florida with Colliers.

    Areas of Expertise

    Trevor has successfully pursued a land brokerage career in Central Florida for over 40 years. The focus of his practice is the representation of important landowners, taking an innovative and enthusiastic approach to maximizing the value of their land holdings and acquisition activities. Trevor’s friends and colleagues know him as a fun-loving, intelligent, ethical and resourceful professional. Trevor is proud of his litigation-free past and views himself as a true fiduciary agent for his clients, in the best, old-fashioned meaning of that role.

    Business / Educational Background

    Many of the area’s larger and more complicated land transactions have occurred due to Trevor’s efforts. The needs and goals of the client together with the unique qualities of each assignment direct his efforts. As listing agent, a variety of value-enhancing efforts have procured sales at the highest and best values for his clients. He has also successfully pursued numerous land assemblage efforts.

    Early on, Trevor learned the business and became a top producer with Florida Ranch Lands, the firm that assembled Disney World. He and his father then worked together as broker owners of Lambert Smith Hampton’s Orlando office. Many of Orlando’s best agents joined them and built the sales volume and property management portfolio. He then engineered the firm’s sale to the Pizzuti organization and repositioned himself in land-owner representation. In 1998 he joined Colliers and has thrived as an integral team member and Executive Managing Director of Land Services.

    Trevor can be reached at trevor.hall@colliers.com.


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  • 06/01/2023 2:36 PM | Debbie Colangelo (Administrator)

    Apopka-based Amco Development is looking to deliver a 144-bed, four-story independent living facility to lake-front land along S.R. 434 in Winter Springs.

    But ahead of a June 1st meeting of the Planning & Zoning Board, city staff is recommending denial of the senior housing project — much to the surprise of the development team that’s been working on this effort since 2020.

    “This project has been ongoing for almost three and a half to four years; we’ve gone through several submittal processes,” Aaron Hakim, the land developer with Amco told GrowthSpotter. “Things that were not an issue have suddenly become an issue. I don’t get it. It doesn’t make sense.”

    According to plans submitted to the city, Amco wants to build a four-story structure for residents 55 and over totaling 180,348 square feet on an 8-acre piece of property near the intersection of S.R. 17-92 and SR 434.

    But in order for the development to move forward as proposed, the city has to grant a conditional use permit to allow for buildings as high as four stories on the subject property. Under city code, buildings along S.R. 434 can only be as tall as three stories.

    With the project scheduled to go before the city’s P&Z Board on June 1, city staff is recommending denial based on building height and Amco’s streetscaping plans.

    According to a city staff report, the fourth story, which adds 35 additional units, results in increased parking requirements that leads to more space dedicated to parking and therefore less room to adhere to the SR 434 streetscape requirements.

    City code requires projects along S.R. 434 to set aside 27 feet of streetscaping. The code requires a 16-foot landscape area for planting canopy trees lining the right-of-way; the applicant is proposing three feet for that purpose. The code requires a six-foot sidewalk; the applicant is proposing to maintain the existing 5-foot sidewalk, according to the staff report.

    “It is staff’s opinion that the proposed density, scale, and intensity of the site are not appropriate to accommodate the necessary design amenities to mitigate against potential adverse impacts,” the city staff report reads, later adding, “A three-story building would not require a Conditional Use and therefore would likely allow the applicant to adhere to the requirements of the code, which would, in turn, allow staff to recommend approval.”

    Amco is requesting a waiver to reduce the required streetscape to 14 feet in some areas.

    Hakim said that some of the project site would designate as much as 40 feet for streetscaping.

    He also said that the proposed four-story building height would have no impact on the parking configuration, streetscaping, or setbacks.

    “We’ve talked about this years ago and have never had a derogatory response until just two months ago,” Hakim told GrowthSpotter. “We are trying to be as cordial and amenable as we can and trying to find creative ways to meet the intent of the vision plan, but there’s a reason that waivers are allowed under their code. And we believe that our site and the site-specific constraints that we have, as well as amenities and landscaping and overall aesthetics to the area, are going to be a vast improvement to the area as you come into Winter Springs.”

    He said the project would also be supplying much-needed senior housing to the area. The fact the city is recommending denial of the entire project based on the waiver is “head-scratching,” Hakim said.

    “We are not understanding the whole picture,” he said, adding that the company’s land-use attorney will be present at the planning and zoning meeting.

    He’s hopeful the board goes against the city’s recommendation and approves the project.

    The city of Winter Springs is in the midst of a temporary growth moratorium through late July. The city adopted the original moratorium in January to halt new development projects while improvements were made to its stormwater infrastructure following flooding that occurred as a result of Hurricane Ian. The commission voted on March 27 to prolong the moratorium by another 90 days to allow more time for new stormwater standards to take effect.

    But the development moratorium isn’t intended to keep projects from moving through the preliminary review process and the staff report recommending denial of the Amco project doesn’t mention the moratorium.

    It does, however, mention concerns over density, intensity, and compatibility.

    The project’s design by Orlando-based architecture firm Eleven18 includes a two-story clubhouse in the middle of the building with two four-story residential wings on each side totaling 157,918 square feet. A surface parking lot with 158 spaces would wrap around the front of the independent living facility. The back of the building would face Lake Talmo, which encompasses the northern part of the property. Greenspace would separate the lake from the facility.


    Source:  GrowthSpotter

  • 05/30/2023 11:05 PM | Debbie Colangelo (Administrator)

    Osceola County is seeing a wave of new retail construction along its growth corridors despite high interest rates and rising construction costs.

    Poinciana Lakes Plaza is the largest new build underway right now.

    TCII Capital, which broke ground earlier this year on the 34-acre Poinciana Lakes Plaza in Solivita Marketplace, just closed a $46.23 million construction loan from Longline Financial.

    TCII acquired the shopping center site for $6.6 million in 2022 from Taylor Morrison, which is actively developing the Stepping Stone community nearby. 

    The power center will have a 47,000-square-foot grocery anchor. Named tenants include Ross, TJ Maxx, Burlington, Petco, Ulta, Rack Room Shoes, Kiddie Academy, Five Below, America’s Best and Crunch Fitness, which is building a 35,000-square-foot gym. Several others have signed on for outparcels, including TD Bank, MD Now, Outback Steakhouse, Panda Express and Bojangles.

    More retail centers are under construction in St. Cloud and along the Narcoossee Corridor. More stores and restaurants, including First Watch and Pollo Campero, are under construction in St. Cloud Commons.

    In February, RRB Partners broke ground on the 10-acre St. Cloud Marketplace at U.S. 192 and Narcoossee Road. The neighborhood center is slated for 30,000 square feet of retail and commercial space. Tenants include a new HCA Florida free standing emergency room, as well as  a 10,000-square-foot Learning Experience daycare center, a sit-down restaurant, a quick-service restaurant, a drive-thru coffee concept and a multi-tenant retail building. Marco’s Pizza and Jeremiah’s Italian Ice have already signed leases for the multi-tenant building.

    The Narcoossee Commons shopping center added 30,500 square feet of new retail to the intersection of Narcoossee and Rummell roads. The strip center was built over 2021 and 2022 and is now almost leased up with tenants such as Cake Cottage, Papasan’s Vietnamese cuisine and Edward Jones Financial. St. Cloud builder/developer Lazaro Rodriguez of SPC Homes started planning the project in 2017 after selling the office building next door to focus on the new commercial center.

    BluRock Commercial is also close to wrapping up construction on a 6,000-square-foot strip center at 2631 E Irlo Bronson Memorial Hwy. that will also have a new standalone La Brasa Grill restaurant. 


    Source:  GrowthSpotter


  • 05/25/2023 4:13 PM | Debbie Colangelo (Administrator)

    In an unprecedented move, 38,848 acres are being preserved to protect Florida’s ecosystem, with 12 landowners behind the effort. These landowners are selling conservation easements to the State of Florida, which will place restrictions on future development.

    Under these transactions, landowners retain ownership and agricultural use of land in exchange for selling the property’s development rights. This will ensure the land, wildlife and agriculture are protected forever. The State agreed to buy the conservation easements for more than $97 million.

    Dean Saunders, the founder of SVN | Saunders Ralston Dantzler, brokered half of the conservation easements that were approved by the Board of Trustees of the Internal Improvement Trust Fund during the Governor & Cabinet meeting. Of the 38,848 acres sold to the State of Florida, Mr. Saunders brokered 18,427 acres totaling approximately $45 million.

    “Florida is currently seeing a mass migration with over 1,100 people moving to the state each day. The state is facing pressures to balance the conservation of its natural and working agricultural land and the much-needed development to accommodate the newcomers,” said Saunders. “Conservation easements have proven to be a great tool to protect land from development and preserve critical habitats, wetlands and wildlife. I’m honored that my expertise has helped a number of landowners preserve Florida’s land for future generations.” 

    Saunders has been a leading force behind Florida’s conservation efforts. As a former state legislator in the 1990s, he introduced legislation that has now become known as the conservation easement program. For the last 25 years, he has been representing ranchers to secure conservation easements from the State on their land. Conservation easements allow the landowner to sell the developmental rights of their property to a qualified agency and keep the property in natural or working agricultural conditions while maintaining ownership of the land. The conservation easement guides the property’s use and protects it in perpetuity. Conservation easements are cost-effective for taxpayers because it costs less money to buy rights than the property and the state doesn’t have to pay to manage the land.


  • 05/23/2023 3:21 PM | Debbie Colangelo (Administrator)

    WS Development and PGIM Real Estate have acquired The Avenue Viera, a 550,000-square-foot, open-air retail center located directly off I-95 in Viera.

    Situated within the 43,000-acre master-planned Viera community in Brevard County, the property houses more than 80 retail, restaurant and entertainment tenants, including AMC Theatres, Belk, Chili’s, Cost Plus World Market, Kohl’s, lululemon athletica, Moe’s Southwest Grill, Old Navy, Sephora and Urban Air Adventure Park.

    Massachusetts-based WS Development will assume management of the center and will share ownership with CP VENTURE FIVE – AV LLC, an entity managed by PGIM, which has owned Avenue Viera since 2006, when it purchased the retail asset from Cousins Properties, Inc. for $87.6 million.

    The sales price was not disclosed.

    The Avenue Viera marks WS’s third investment in the state of Florida, joining The Royal Poinciana Plaza in Palm Beach and Hyde Park Village in Tampa.

    WS Development and PGIM plan to remerchandise the center, as well as host events and install public art.


    Source:  RE Business


  • 05/18/2023 6:36 PM | Debbie Colangelo (Administrator)

    National Association of Realtors® Chief Economist Lawrence Yun presented an overview of U.S. commercial real estate Tuesday as part of the 2023 REALTORS® Legislative Meetings(link is external).

    Yun emphasized challenges facing the commercial real estate market brought on by tightening lending policies among many small and regional banks, which have been a key source of commercial loans. Still, due to continuing U.S. job gains, net absorption has been mostly positive nationwide, Yun said, with the apartment, industrial and retail sectors helping to keep the industry relatively stable. 

    "The performance of commercial real estate markets will vary across the country," Yun projected during Tuesday's Commercial Economic Issues and Trends Forum(link is external). "Markets with strong job gains will naturally hold on much better, while those with weaker job conditions will struggle to raise net occupancy."

    Yun said America's apartment sector recorded 116,000 net positive absorptions in the past year, while the industrial and retail sectors added 361 million square feet and 64 million square feet, respectively, over the last 12 months. Office markets, however, saw a reduction in net absorption by 29 million square feet over the same period. 

    "The national office market will continue to see rises in vacancy rates due to falling demand," Yun added. "The apartment sector will record a modest uptick in vacancy due to robust new supply."

    With the impact of mortgage interest rates on the housing market in focus throughout the week at NAR's conference in D.C., Yun addressed the implications of Fed decisions on nationwide commercial markets.

    "The Federal Reserve's aggressive rate hikes have damaged balance sheets for regional and local banks, an important source of commercial real estate loans," he said.

    Yun estimated that continual rises in rates will in part cause commercial real estate transaction volume to decline by 27% overall in 2023.

    "The lack of capital, higher costs of financing and refinancing, and the weakening economy will contribute to a lower overall valuation of commercial real estate prices," Yun said. "Weaker prices will mean opportunities for those with deeper pockets to get deals done in the months and years ahead."

    Yun added that appraisal values have fallen by an average of 15% from peaks in early 2022.

    The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.


    Source:  NAR



  • 05/16/2023 10:51 AM | Debbie Colangelo (Administrator)

    Amy Calandrino, CCIM, owner and founder of Beyond Commercial, has earned the coveted SIOR Office Designation awarded by the Society of Industrial and Office Realtors® (SIOR).

    Calandrino is one of just a few women in the Orlando market with this prestigious achievement. Only the industry’s top professionals qualify for the SIOR designation.

    The stringent requirements required Calandrino to complete at least five years of creditable experience in her highly specialized field of office real estate. In accordance with SIOR’s strict professional code, she demonstrated professional ability, competency, personal integrity and completed a rigorous ethics course. All this was accomplished with two toddlers underfoot while running her independent boutique brokerage.

    “Delivering value to my clients is of utmost importance to me,” said Calandrino.  “Earning the SIOR designation affords me significantly more resources than my peers, which translates to creating more opportunities for my clients. I can’t wait to see what my SIOR journey holds for me.”

    Of the hundreds of thousands in the field worldwide, only 3,600 have qualified for the prestigious SIOR designation. 

    Founded in 2010 by Amy Calandrino, Beyond Commercial’s team of expert commercial real estate advisors serves business owners and investors. Their one-size-fits-one approach emphasizes earning and keeping client trust. The team handles purchase and sale transactions and leasing matters in a broad range of industries. Asset classes include office, retail, multi-family, and industrial. 


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