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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.
Source: GrowthSpotter
A former real estate attorney with more than 20 years in the industry, Shellie Sevor, JD brings together her highly personalized service, extensive experience in complex transactions and ironclad negotiating skills for her clients throughout Central Florida in land acquisitions, affordable housing and medical office building acquisitions.
She is a Commercial Real Estate Senior Advisor with Palkiper Commercial Real Estate Services.
Shellie can be reached at shellie@palkiper.com.
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
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.
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:
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.
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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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.
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.
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