Kimco Realty announced the acquisition of Waterford Lakes Town Center, a 976,000-square-foot signature asset spanning 79 acres in Orlando for $322 million, including the assumption of a $164 million mortgage.

The property, which is approximately 99% occupied, features a high-quality tenant mix that combines lifestyle and entertainment uses with essential goods and services.

Located in Orlando’s upscale West University submarket, Waterford Lakes Town Center sits three miles south of the University of Central Florida, which is the largest university by enrollment in Florida with approximately 70,000 students. The shopping center serves an extensive trade area, with an estimated population of over 228,000 and an average household income of $111,000 within a five-mile radius, and situated in one of the fastest-growing metro areas in the U.S.

These strong demographics drive 13.6 million annual visits to the center, with several anchors and national tenants ranking among the top traffic generators for their respective chains in Florida according to Placer.ai. Waterford Lakes features Florida’s most visited Super Target grocer (shadow), TJ Maxx, Ross Dress for Less, Best Buy, Panera Bread, and Bath & Body Works. Recent additions, including Lululemon, Nike, Shake Shack, Warby Parker, Sephora, and Tiger Woods’ PopStroke, further underscore the strength of tenant demand.

Constructed in 1999, the center presents significant mark-to-market opportunities from below market in-place leases with several original anchor tenants set to expire over the coming years. Additionally, growing demand from high-end shop tenants, who pay significantly higher rents, will allow Kimco to further enhance the merchandising mix and drive long-term rent growth.

The acquisition of Waterford Lakes further solidifies Kimco’s prominence in the Orlando market, expanding its portfolio, which had an average occupancy rate of 98.2% at the end of the second quarter of 2024, to 18 centers encompassing over four million square feet of gross leasable space.

“Waterford Lakes Town Center stands out as one of Florida’s most vibrant shopping destinations, bolstered by a robust population, high income levels, and significant daily traffic that drive exceptional retailer sales,” said Ross Cooper, Kimco’s President and Chief Investment Officer. “This irreplaceable property aligns perfectly with our acquisition strategy, enhances our high-quality portfolio, and strengthens our position as a premier shopping center owner in the core Orlando market. We are excited to leverage our extensive operating platform and deep tenant relationships to unlock the full growth potential of this dominant shopping center by recapturing below-market leases and further enhancing its already excellent merchandising mix.”

 

CFCAR Member and Past President Paul P. Partyka, CCIM, MiCP, CIPS, Partner at NAI Realvest, announced the renewal of five industrial tenants located in the Sanford Airport, representing the landlord, the Sanford Airport Authority.

• IPC Paving, LLCrenewed 62,700 square feet located at 2875 Navigator Avenue. IPC Paving provides general contractor services for paving interstates, roadways, airports, and more.
• Air Essentials, LLC D/B/A Florida Clay Art Co. renewed 14,910 square feet located at 1645 Hangar Road Building 456. Florida Clay Art is a ceramics distributor with a multitude of supplies for the art.
• Central Florida Bakery Inc. renewed 6,470 SF at 1723 Hangar Road Building 255. Central Florida Bakery is a family-owned wholesale bakery who manufactures frozen and baked bread, as well as pastries for most major Latin supermarkets.
• Athens Towing & Recovery, LLC renewed 4,380 square feet at 2773 Navigator Avenue Building 140. Athens Towing services Central Florida, offering 24-hour assistance for light, medium duty, motorcycle, RV, and exotic car towing.
• Future Health Concepts, Inc. renewed a total of 14,992 square feet of industrial space, as well as 0.68 acres of land located at 1211 29th and 1211 30th Street. FHC manufactures, refurbishes and sells both new and used medical equipment, as well as replacement parts for hospitals and urgent care centers.

"Sanford Airport's growth continues to create an attractive environment for businesses, and we're seeing this reflected in the renewals of several industrial tenants," said Partyka. "The airport's strategic location, coupled with the expansion of infrastructure and services, has made it a prime area for companies.”

Colliers has hired Josh Busby, an industry veteran with more than 20 years of commercial real estate experience, as senior vice president retail services in Central Florida. Busby will partner with Nate Cutchin and focus on tenant and landlord representation.

Busby and Cutchin previously worked together at CREC, which was acquired by Colliers in 2018. Following the acquisition, Cutchin joined the Colliers team as senior vice president. Busby moved on to Franklin Street prior to the acquisition. He reconnected with Cutchin professionally while serving as the senior real estate manager for Surterra Wellness.

Busby oversaw an impressive expansion of medical marijuana company, at a time when medical marijuana dispenseries were banned or heavily restricted in many states. In this role, he negotiated leases for 60 locations nationwide. In Central Florida, Cutchin served as Surterra Wellness’ tenant rep helping Busby to execute more than 20 leases in the area.

"Josh's addition to Colliers strengthens our retail brokerage capabilities and underscores our commitment to providing clients with unmatched service and expertise," said Alex Evans, managing director at Colliers. "Not only does he have an impressive history in the industry, he also shares our commitment to collaboration. Furthermore, his reunion with Nathan Cutchins will create a powerful synergy as they work together on select deals while also pursuing individual opportunities."

Prior to joining Colliers, Busby served as vice president of retail services for Archon Commercial Real Estate. During his career, he has also selected development sites for notable firms such as WMG Development, where he served as regional development manager, and Red Bell Partners.

“I am extremely excited to join the amazing Colliers retail team and partner back up with Nate Cutchin,” said Busby. “Since moving to Orlando in 2010, Colliers has always been a leader in client relationships and executing complex and difficult negotiations and I’m proud to now be part of the team.“

Busby earned his bachelor’s degree in business management from DePaul University. During his career, he has been a member of the Urban Land Institute (ULI) and the International Council of Shopping Centers (ICSC).

 

Monika Chappell, Senior Vice President at NAI Realvest, recently completed two notable transactions representing the buyer and seller respectively.

In the first transaction, Chappell represented the buyer, Maia Landstreet Holdings, LLC. The property, located at 300 West Landstreet Road in Orlando, totals 19,756 square feet of industrial space that was sold by Soudah Property Investments, LLC. Maia Landstreet Holdings plans to occupy the space.

In a second transaction, Chappell represented the seller, Total Cool Air Conditioning Parts and Supplies, Inc., in the short-term sale-leaseback and investment sale of an 18,140 square foot industrial building located at 7200 Gardner Street in Winter Park. The buyer was TCG 7200 Gardner, LLC.

"These transactions represent the dynamic growth of our industrial sector and highlight the diverse needs of our clients. From buyer representation to investment sales, our goal is always to secure the best outcomes tailored to each party’s needs and I am glad I was able to assist in the process." said Chappell.

Equus Capital Partners, a national real estate investment manager, announced that an affiliate completed the acquisition of a two-building, 299,241 square-foot industrial center located in Lakeland for $38 million.

The property was 100% leased at the time of acquisition.

The investment was made on behalf of a programmatic joint venture between an affiliate of Equus and a U.S. based public pension plan. The seller, an affiliate of High Street Logistics Properties, was represented by Frank Fallon and Jose Lobon of CBRE.

The property at 900 & 920 N. Chestnut Rd is located in Lakeland, 1.5 miles from I-4 and just off of West Memorial Blvd, also known as U.S. Route 92, a 181-mile highway that connects the East and West coasts of Florida. The property sits just 4.2 miles from Lakeland Linder International Airport (LAL), a growing international cargo destination and home to Amazon’s new air cargo hub, the company’s largest such facility in the Southeast.

The subject buildings were built in 2021 and were developed to today’s Class A specifications including a minimum clear height of 32’, ESFR sprinkler system, LED lighting, 54’ x 45’ column spacing, and excess trailer parking with a total of 89 stalls. The buildings are leased to two tenants: Gruma, a subsidiary of food manufacturer Mission Foods, and Safelite, a subsidiary of vehicle glass repair company Belron.

“This acquisition expands our presence in Lakeland with two class A buildings occupied by high credit tenants,” commented Tim Feron, Vice President of Equus, who oversaw the acquisition along with Tucker Scaringe, analyst at Equus. “Due to its central location and connectivity to I-4, Lakeland has established itself as a distribution hub serving the entire state. As the Florida population continues to grow, Lakeland, and these assets in particular, should continue to benefit from the demand for modern warehouse space,” Feron continued.

SRS Real Estate Partners announced the sale of a 109,610-square-foot industrial building located at 2963 Stonewall Place in Sanford. The property was purchased by Harvest Valley, a leading foodservice distributor specializing in Asian cuisine, for $15,848,450.

The warehouse facility, built in 2018, sits on 9.02 acres of land and will be converted into a cold storage facility to better serve Harvest Valley’s clients.

Wayne Schuchts, Michael Palmer and Andrew Lehrer from SRS’ industrial team represented Harvest Valley in the sale, facilitating the relocation and expansion of their central Florida operations.

"The U.S. cold storage industry is facing a significant supply-demand gap due to aging infrastructure,” said Schuchts, SRS Managing Principal. “I’m thrilled we were able to secure a modern building that will be converted to cold storage to meet Harvest Valley’s needs and accommodate their expansion plans.”

"This modern industrial building will serve as our primary distribution center in Florida for the coming decades," said Alice Bouhenguel, Harvest Valley Manager. "Wayne and his team provided exceptional guidance and flexible solutions, helping us secure a property that perfectly aligns with our growth plans and positions us for long-term success."

 

Florida Governor Ron DeSantis announced a nearly $6 million grant from the state’s Florida Job Growth Grant Fund to support roadway infrastructure between the Space Coast Regional Airport and Space Coast Innovation Park (SCIP), Hines' and Key Group’s 3.0-million-square-foot industrial project in the heart of Florida’s Space Coast that will feature three phases of Class-A space.

Hines is one of the first groups to deliver a modern industrial park to prospective aerospace and defense tenants seeking to enter or expand their operations in North Brevard County.

As the Wall Street Journal reported late last year, the Space Coast is an area seeing increased interest from a variety of prominent stakeholders as the rapid commercialization and privatization of the aerospace industry continues. This investment will help continue to build out the infrastructure needed to support jobs in the area, which is the epicenter of Florida’s growing space industry and home to one the nation’s largest concentrations of aerospace, defense and technology employers including Blue Origin, SpaceX, Boeing, Northrop Grumman, Lockheed Martin, L3 Harris, Amazon and others. The Space Coast economy is expected to generate more than $1 trillion in annual sales by 2040.

The funding of the roadway is ahead of schedule and represents significant positive momentum for Phase 1 of SCIP. The project will directly benefit from the investment as the road will extend from the Airport through SCIP’s Phase 1 and Phase 2 sites. The road through Phase 3 will be constructed at a later date.

Paul P. Partyka, CCIM, MiCP, CIPS, Partner at NAI Realvest and past president of CFCAR, facilitated two office tenant representation deals.

Partyka represented Tropical Southern Management, LLC in the leasing of 2,182 square feet located at 801 Douglas Avenue in Altamonte Springs  for the expansion of their business. Tropical Southern Management specializes in providing residential and commercial lawn care, arborist and landscape design services.

Partyka also represented The Tax Cuttery, LLC in leasing 930 square feet of office space located at 740 Florida Central Parkway in Longwood. The Tax Cuttery provides IRS tax resolution services to individuals and businesses.