Upcoming Events
With property owners and housing providers still feeling the effects of inflation, any additional layers of already heavy regulation by state and local governments can have severe unintended consequences, like driving housing providers out of the communities they serve. That’s why NAR is focused on fighting these misguided policies and sharing the facts on this important issue.
Currently, the Federal Housing Finance Agency (FHFA) is seeking the public’s input on tenant protections for multi-family properties backed by the federal government through the Government Sponsored Enterprises (GSEs), or Fannie Mae and Freddie Mac. This request for information (RFI) comes on the heels of the White House’s Blueprint for a Renter’s Bill of Rights, which directed the FHFA to investigate policy measures that provide relief to renters but could also infringe on private property rights, state and local law, and standard lease agreements.
The FHFA oversees the GSEs as they carry out their chartered responsibilities, including facilitating the financing of affordable housing opportunities. The GSEs are key stakeholders in providing financing to housing providers who develop rental properties in communities across the country. Their participation in the secondary market ensures there are financing options to develop multifamily properties across the country.
In response to the RFI, NAR is highlighting the vital role REALTORS® play in creating opportunities for upward mobility for renters by helping them obtain quality, affordable, and safe housing opportunities. We need you!
At our Call for Action page, you can share comments in the personal story field about how you work with renters to provide and maintain quality affordable housing. This can include topics like helping obtain rental assistance, proactively communicating lease renewals, using alternative credit scoring models, or other best practices. You can also share details about how housing providers play a vital role in your community and the potential impacts of additional regulation. Please submit your comments by July 31.
In addition to sharing the REALTOR® perspective with agencies like FHFA, NAR is working with our industry partners to fight misguided rent control policies. In June, NAR joined the National Apartment Association, the National Association of Homebuilders, and the Mortgage Bankers Association in filing an amicus brief in two cases asking the Supreme Court to hear a challenge to New York’s rent stabilization law (RSL).
The brief provided numerous examples of how New York’s rent control law – and others around the country – make it difficult for property owners to possess and enjoy their own properties, even for personal uses, and how these burdens fall hardest on individual “mom and pop” property owners with the fewest resources. It detailed how these laws exacerbate housing supply and affordability problems and decrease consumer mobility and entry into the housing market.
NAR has also joined with four other national trade associations to establish the Housing Solutions Coalition. This initiative will provide tools and resources to develop campaigns and offer proven, effective alternative solutions on rent control policies and proposals where they arise.
Many local and state associations from coast to coast have used REALTOR® Party resources to help fight rent control measures. You can read more about their efforts in the REALTOR® Party success stories.
History has shown rent control is an antiquated policy that exacerbates shortages, disproportionally benefits higher-income households, and ultimately drives up rents. REALTORS® will continue to push for solutions that lower housing costs and allow more people to find a place to call home.
Source: NAR
Upon completion, the development will total 100,000 square feet with a 100-foot high bay clean room. The facility will be used to receive and prepare Blue Origin and United Launch Alliance (ULA) satellites as part of Amazon’s Project Kuiper, a 3,200-satellite project that will provide broadband connection to underserved communities globally.
Amazon will use the facility to receive shipments, conduct final preparation ahead of launches, connect satellites to custom dispensers from space tech firm Beyond Gravity and integrate the loaded dispensers with launch vehicles.
Amazon’s investment is expected to create 50 news jobs on Florida’s Space Coast. A timeline for delivery was not disclosed.
Source: RE Business
Jupiter, Florida-based EML Realty Partners announced the acquisition of two properties in partnership with Greenspring Realty Partners, a real estate investment, development, brokerage, and management company based in Baltimore, MD.
The first property, located at 209-211 S. Alexander St. in Plant City, FL, was purchased for $4.6 million. The property consists of two buildings totaling 60,491 square feet, and is fully leased to national credit-tenant, 84 Lumber.
The second acquired property, an industrial facility located at 5582 Commercial Blvd. in Winter Haven, FL, was purchased for $2,850,000. It consists of one building on two parcels totaling 31,389 square feet, and is fully leased to a local freight logistics firm, serving central Florida building suppliers and Amazon.
Eric Levitt, founder of EML Realty Partners, Dan Flamholtz and David Berg, Principals of Greenspring Realty Partners, worked together as partners in Maryland before Eric moved full-time to Florida in 2016.
“Dan Flamholtz and David Berg of Greenspring Realty Partners were my trusted partners for many years in Maryland before I moved my company full time to Florida and it is exciting to get to work with them again. These two purchases fit our model of below replacement cost purchase price, below market rents, functional warehouses, and long-term value-add through organic rent growth in areas of high distribution demand.” said Levitt, founder of EML Realty Partners. “These acquisitions are the first deals we’ve done together in Florida and I am looking forward to continuing this partnership due to the vast experience we share and our combined capital for value-add industrial deals all over the state of Florida.”
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.
On May 30th, the Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) from the public about implementing tenant protections on multifamily rental properties backed by the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac.
These policies may have the unintended consequences of infringing on property rights, circumventing state and local laws, upending standard lease agreements (including those already in place), and undermining pathways to homeownership.
NAR is asking you to provide a pre-written message to the FHFA about how REALTORS® play a vital role in the community and how these new rules and regulations will impact your service as a housing provider. REALTORS® are already serving tenants with many of these protections. You can include a personal message covering topics like rental assistance, proactively communicating lease renewals, using alternative credit scoring models, or other best practices.
CLICK HERE TO TAKE ACTION
The next meeting will be:
Friday, July 14, 2023
Doors open at 8:30AM Meeting starts at 9:00AM at the
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
Construction has started on two industrial projects that promise to bring Orange County more than 1.6 million square feet of warehouse space.
The two projects — the Orlando Apopka Commerce Center (pictured above) along S.R. 441 in Apopka and the Beachline Logistics Center located on Transport Drive just east of the Orlando International Airport — join a growing list of industrial projects underway in the Orlando market.
The Orlando Apopka Commerce Center, once complete, will include four warehouse buildings of various sizes.
JLL’s Josh Lipoff and Joe Hills are marketing Beachline Logistics Center which will be a 438,000-square-foot cross-dock facility along SR 528 (Beachline Expressway) at 8648 Transport Drive in Orlando.
According to an industrial market report published in late May by CBRE that reflects the first quarter of 2023, more than 7.4 million square feet of warehouse space is under construction across 33 projects. More than half of that square footage is being built in Northwest Orange County, which includes the red-hot Apopka area already home to distribution centers for Amazon, Coca-Cola, and other big companies.
Source: GrowthSpotter
CBRE has arranged the $23.1 million sale of Windermere Storage, a new 89,145-square-foot self-storage facility in Orlando.
CBRE’s Self Storage Advisory Group represented the seller, Orlando-based Schrimsher Properties, in the transaction. The buyer is Wentworth Properties LLC, an Arizona-based commercial real estate company specializing in self storage.
“Self-storage has historically performed well in every economic cycle, particularly in markets like Orlando with high population growth rates and world-famous attractions,” said CBRE Vice Chairman Nick Walker. “Windermere offered the buyer the opportunity to purchase a Class A facility that offered immediate income through the existing parking storage plus the value add by leasing up the newly added climate-controlled storage building.”
Windermere Storage was completed in the second quarter of 2023 and built on an existing 8.95-acre RV and boat storage facility. Located at 8550 Old Winter Garden Road, the property includes a 2,000-square-foot office building; a two-story self-storage building with 609 climate-controlled units ranging in size from 25 square feet to 450 square feet; and 351 uncovered, pull-through and fully enclosed parking units.
“Booming markets like Windermere aren’t easy to get new facilities out of the ground, but the sellers were able to construct a truly Class-A facility, which was attractive to the buyer because of size and location in the Orlando MSA,” said Morgan Windbiel, Senior Vice President with CBRE.
Windermere Storage sits less than five minutes south of Highway 408 fronting State Road 526 and has high exposure and visibility to approximately 23,000 vehicles daily. The property is within 2.5 miles of 12 lakes, Valencia College West, numerous retail and recreation amenities like MetroWest Golf Club, and major health providers. More than 6,000 residential units are planned or under construction within a five-mile radius.
NexPoint, a multi-billion dollar alternative investment platform, announced the acquisition of Orlando International Business Center, a multi-tenant small bay property located at 5730-5892 S Semoran Blvd in Orlando.
The asset consists of 6 buildings totaling 196,288 square feet of multi-tenant warehousing and industrial space. The property was indirectly acquired by NexPoint Small Bay I DST, a Delaware statutory trust seeking to raise $59.5 million in equity from accredited investors via a private placement offering.
The acquisition also included 3 Tampa properties including:
The addition of these small bay properties builds on NexPoint’s existing portfolio of industrial multi-use commercial real estate in markets that are experiencing significant demand for this sub-sector, driven by low supply, high occupancy rates and flexible use cases for tenants that may need smaller units with logistical loading and receiving bays.
“We continue to witness increasing demand for prime industrial properties located in growing markets where companies and small businesses are looking for flexible space to better serve local customers,” said Taylor Colbert, Director of Real Estate for NexPoint Real Estate Advisors. “We believe there are significant tailwinds to support further growth, and we are committed to scaling our footprint in this notable sector.”
NexPoint currently owns 1.6 million net rentable square feet of industrial real estate across Texas and Florida and is partnering with a privately held and vertically integrated real estate owner and operator Basis Industrial to manage the newly acquired properties.
“We are thrilled with our expanding partnership with NexPoint and are looking forward to implementing our hands-on management approach to optimize the performance of this prime industrial portfolio,” said Dan Weinstein, CEO of Basis Industrial. “These assets have strong fundamentals, and we are excited to add them to our growing portfolio of owned and managed assets.”
Basis uses its subsidiary management company, WMG Small Bay Management, LLC d/b/a/ BaySpace, to manage the company’s industrial assets.
Sonam Pall, originally from New Delhi, India, has lived in many places including Hawaii, New York, Dubai, Miami, UK and has now settled in Orlando. A versatile business leader with over 10 years of experience, Sonam is the co-founder of one of India's largest exhibitions and has worked with over 1700 retailers across 5 cities and has organized over 80 events where there are 500-2000 walk ins.
Her experience of working with a large number of retailers and organizing numerous events shows her ability to handle complex situations and manage diverse clients, something that’s key in the world of real estate. Additionally, her experience in different cities & countries demonstrates her ability to adapt well to different environments & cultures. Her business acumen and extensive experience in sales, marketing, business development, and public relations is particularly valuable in the highly competitive and relationship-driven world of commercial real estate. Sonam has a bachelor's degree in Economics (India) and a master’s degree in Economics and Finance (United Kingdom). With her financial acumen, she can also help clients make informed decisions based on their investment goals and constraints. Overall her strong financial background, hands on business experience combined with her strong network internationally, makes her an ideal realtor for your commercial real estate needs. She is committed to achieving the best results for her clients, while problem solving any issues along the way. As part of Optima Real Estate and a highly skilled team of professionals with over 22 years of experience in commercial real estate, let her represent you for all you buying, selling and investment needs in Central Florida. She specializes in leasing and sale/purchase of Office, Retail and Industrial. A thorough professional with excellent negotiation, relationship building and conflict management skills, Sonam goes above and beyond for her clients surpassing their expectations.
Sonam can be reached at sonampallcre@gmail.com.
At CFCAR’s 25th Annual Hallmark Awards, which was held at The Monroe in Downtown Orlando's Creative Village on Wednesday night (June 21st), the following individuals were honored and celebrated as award recipients:
Special Recognition Awards:
Circle Of Achievement Awards (a minimum of $3 million of Annual Hallmark Sales Volume):
Top County Producers:
Top Category Producers:
Overall Top Producer:
Robbie McEwan, CCIM, SIOR from JLL Capital Markets took home the Top Producer of the Year for closing $142 million in transactions in 2022 in Orange, Osceola, Duval and Pasco counties.
Deal of the Year:
The transformation of the former KOA Campground on Narcoossee Road into a vibrant mixed-use community dubbed "Mission Pointe" on the shore of Lake Whippoorwill took three years of meticulous attention, and it won Trevor Hall and his team from Colliers recognition for the Deal of the Year. The combined total of the sales involved in the transformation was $27 million.
Wilbur Strickland Lifetime Achievement Award:
Longtime CCIM member and downtown developer Craig Ustler, CCIM, MAI, master developer of Creative Village, was honored with the Wilbur Strickland Lifetime Achievement Award.
“For more than a decade, Craig has focused on urban infill projects, as advocated by the new urbanism planning movement,” CFCAR President Dan Lyonnais said. “Craig Ustler’s passion and respect for Orlando residents reminds us to focus on the try why. He challenges us to do better in this business. As we push to grow and build in Central Florida, Craig challenges us to reimagine real estate as a way of building both structures and the community.”
Orlando Mayor Buddy Dyer was in attendance at the event to celebrate Ustler's contributions as well as the Hallmark Award finalists and recipients and said the venue choice of The Monroe was appropriate because it honors the realization of their shared vision for Creative Village.
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