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CBRE Capital Markets team has arranged the sale of a 192,654-square-foot office and industrial complex in Orlando.
Boca Raton-based Basis Industrial purchased the property from Miami-based B Group Capital Management for $25 million.
Ronald J. Rogg, Executive Vice President with CBRE in Orlando, represented the seller in the transaction.
Lakefront I & II features four single-story, free-standing buildings located at 6101-6251 Chancellor Drive in Orlando Central Park. The property includes a mix of light industrial, warehouse, flex, showroom, and office spaces. At the time of sale, the property was approximately 83.5% occupied by numerous high credit quality government and publicly traded companies.
“The sale of Lakefront I & II are a result of the timely execution of the investment parameters we set out to accomplish when we purchased the property. This sale emphasizes the strategic disposition program that was set in motion post-pandemic to strengthen our growing portfolio,” said B Group Capital Management Chief Executive Officer Sebastian Barbagallo, who along with Franco Barbagallo, Chief Operating Officer, represented the ownership entity’s investors in the transaction.
B Group Capital Management specializes in strategic asset management through investor relations, deal and lender structuring, along with property acquisition and repositioning as a subsidiary of B Group Holding Company, a family-owned real estate conglomerate that has acquired, improved and managed Class A and Class B office buildings and warehouse buildings across 16 properties in five different cities across Florida, Georgia, and North Carolina. B Group, through its parent company B Developments, also develops, acquires, and repositions multifamily assets throughout the Southeastern United States.
Basis Industrial was represented by Anthony Scavo, Ahmad Elayyan, and Jay Massirman.
Basis Industrial has combined over 100 years of real estate experience with over $5 billion in invested capital spread among 15 million square feet of industrial real estate.
“We welcome Todd to CBRE and look forward to his success as he leans in to increase the Orlando agency portfolio through strategic pursuits and his strong client relationships,” said Jim Gray, CBRE Managing Director and market leader for Orlando.
Prior to joining CBRE, Davis was a member of the Cushman & Wakefield platform for five years, representing strong institutional and private capital ownership groups throughout Orange and Seminole Counties. During that time, he grew their portfolio from approximately 200,000 square feet to over 2.5 million square feet.
Davis achieved the Certified Commercial Investment Member (CCIM) designation in 2002 and the Society of Industrial and Office Realtors (SIOR) member in 2015.
CFCAR Member Rick Gonzalez, CCIM, ALC of SVN | Saunders Ralston Dantzler sold 2 acres at the intersection of Orange Avenue and Abrams Road in Eustis, FL for $1,200,000.
This sale is the result of face-to-face networking efforts that pay back multiple times over many years.
This area continues to grow at a rapid pace since completion of the Wekiva Parkway.
Source: FLCCIM
Ron Osborne, Managing Director/Broker of Sperry - RJ Realty, represented the Buyer, GCDC Orlando LLC, in the purchase of a medical office located at 4980 E Irlo Bronson Memorial Highway in St Cloud.
PD ST. CLOUD LLC sold the medical office building for $5.3 million.
The newly constructed build-to-suit property was built for Sanitas Medical Center, which currently occupies the property. The Tenant signed a 10-year lease with over 9 years remaining with an annual increase at the time of the sale.
Sanitas operates 6 other locations in greater Orlando and has 68 medical facilities throughout Florida, Texas, Tennessee, Connecticut, and New Jersey.
Osborne also arranged for the financing of the acquisition with FirstBank Florida. Jeff Goldstein, Vice President, Business Relationship Officer, represented FirstBank Florida in the transaction, with 50% down at an attractive interest rate of about 7%. Osborne has a long-standing relationship with FirstBank Florida along with other lenders.
“Obtaining financing for a nonresident buyer is extremely difficult without them having a permanent residence in the United States,” stated Osborne. “We have been very successful in helping our client obtain loans from different lenders.”
Osborne stated that the Buyer is still looking for great opportunities to acquire additional assets this year.
“They must be in a major MSA with a cap rate over 7.5%+ or approaching it with annual rent increases,” Osborne explained. “With the more normalized interest rates of 7 to 8%, both developers of STNL properties are adjusting their offerings prices to meet the buyer’s expectations of being able to purchase a property and obtain a reasonable amount of leverage,” he added. “The days of 4 to 5% cap rates are coming to end. Developers need to develop in order to stay in business and recognize that as their construction loans are coming due, they will need to meet the market demands.”
The property was represented by Jeffrey Cicurel with JLL’s Miami office.
Top CRE pros and business leaders are celebrating innovation, achievement, and excellence at the 2024 Annual HALLMARK AWARDS, which honors the region’s commercial real estate highest producing brokers and brings the award ceremony back to downtown Orlando.
“We will be awarding the Strickland Lifetime Achievement for 2024 to Yvonne Baker, Executive Director FSU Real Estate Center at Florida State University and we couldn’t be prouder to honor this Central Florida Icon,” explains Sharisse Walton, 2024 HALLMARK Awards Committee Chair. “We are also excited to introduce a new event format and venue this year -- The HALLMARK AWARDS event will take place from 5 to 7 pm. on Wednesday, July 24, 2024, at The Great Southern Box Co. Food Hall.”
The Annual HALLMARK Awards event is presented by the Central Florida Real Estate Association (CFCREA)in association with the Central Florida Commercial Association of Realtors® (CFCAR). Walton stresses that this years’ event is sure to offer some unique insights into Orlando’s historic Packing District. The Great Southern Box Co. Food Hall is a 13,000 SF adaptive reuse building that was originally a warehouse space used by Dr. Phillips’ citrus company. It has over ten food vendors, two outdoor patios, a 5,000+ SF event space, and a micro-brewery still in the works.
Led by Dr. Phillips Charities, the development of the site represents an opportunity to celebrate the history of The Packing District and look toward the future of the community, the city and the region. The district’s master plan has been designed to encourage community wellness from the development of a new regional park to the network of plazas – each connected by pedestrian and bike trails that stitch everything together.
“As always, the HALLMARK Awards event will honor the top commercial real estate producers for in 2023 in the Greater Central Florida market by recognizing innovation, extraordinary production and industry leadership in Alachua, Brevard, Flagler, Lake, Marion, Orange, Osceola, Seminole, Sumter, and Volusia Counties. In addition to recognizing top producers in numerous categories and across the different counties, special awards will also be announced for Community Service and Deal of the Year,” Walton continued.
For the second year, HALLMARK Award Sponsorships and Awards Submission process have been simplified. They are once again accepting applications for both ONLINE via their website at https://cfcar.net/2024-hallmark-awards.
Rafael Mendez, CCIM, 2024 CFCAR President, invites business leaders to join top brokers to the event. “We look forward to seeing you in July at The Great Southern Box Co. Food Hall to celebrate HALLMARK!”
CLICK HERE TO APPLY FOR A HALLMARK AWARD
CLICK HERE TO BECOME AN EVENT SPONSOR
CLICK HERE TO PURCHASE TICKETS
Constellation Real Estate Partners and capital partner Northwestern Mutual plan to develop Constellation Air Commerce Park, a three-building, 972,079-square-foot industrial park in Orlando. The partnership recently acquired 75.1 acres located at 10195 Boggy Creek Road, about six miles from Orlando International Airport, for the project.
Within the park, Building 100 (232,497 square feet) and Building 300 (283,580 square feet) will both have front-park/rear-load configurations and Building 200 (456,002 square feet) will have cross-dock loading.
C4 Architecture and Florida Engineering Group designed Constellation Air Commerce Park to achieve LEED certification. The project will feature 36-foot clear heights, multiple points of ingress/egress with full circulation, trailer parking, ESFR sprinkler systems and LED lighting.
Construction is set to begin this year with completion scheduled for the third quarter of 2025.
Constellation and Northwestern Mutual have tapped Jared Bonshire, David Perez, Taylor Zambito, Ryan Hubbard, Sara Bravo and Jasmine Yarbrough of Cushman & Wakefield as the leasing agents for the project.
Source: RE Business
It’s been “all hands on deck” for the last few weeks at The Great Southern Box Company Food Hall as the developer and the vendors prep for their soft opening this weekend in Orlando’s Packing District.
The food hall at 2105 N. Orange Blossom Trail opens to the public Friday with nine of the 11 vendor spots serving everything from chicken shawarma, to Picanha steak, to Oreo-cheesecake brownies, to some of Orlando’s best Neapolitan-style pizza.
Paul Jacques, chef and owner of Antica Wood Fired Pizza, spent most of the week curing the new pizza oven and fermenting the dough before knocking out the first four pies.
As a two-time Foodie award winner, Antica holds itself to a high standard. Not to mention, Dr. Phillips Charities CEO Ken Robinson will tell anyone who asks, it’s “maybe one of the best pizza places you’ll find anywhere.” He personally recruited Jacques and his partner, Kevin Turner, to the food hall.
“I’d like to think it took a lot of convincing, but the property sells itself,” Robinson said. “And so when people come and see it, they understand the vision. They understand Dr. Phillips commitment to the vision, then they’re quick to sign on board. And we’re excited to have each and every one of them.”
As master developer of The 202-acre Packing District, Robinson worked closely with Chef Akhtar Nawab and his group, Hospitality HQ (HHQ), to curate a variety of vendors with menus that highlight a mix of American and immigrant cuisine.
Some of the vendors are new to the market, like Kabob2Go, but have a successful track record with food halls in other locations. The Mediterranean restaurant features kabobs, shawarmas, falafel and baba ghanouj — all made with imported spices from Lebanon.
Others, like A Lo Cubano and BrazaOrlando, have run food trucks here in town and have devoted customers.
Additional vendors include:
The food hall features a sprawling central bar where visitors can order from any of the vendors or just enjoy a beer or craft cocktail. Orange County Brewers is still building its 3,000-square-foot craft brewery, which is slated to open in about four months.
Lake Mary-based Stack’d Brownies snagged the only dessert-focused stall and will serve its unique array of baked treats alongside soft-serve ice cream and milkshakes.
For Robinson, this weekend’s opening is the culmination of a journey that started eight years ago.
“And so it’s been a long time in development from the planning stages to the execution of building stages,” he said. “And when you get to the last minute, it’s all hands on deck. It’s chaotic. It’s exciting. It’s nervous, and we can’t wait till tonight and tomorrow night to open it up to the community and then ready for the whole entire community this weekend.”
But after this week, he’ll quickly turn his attention to the next phases of Packing District buildout. Robinson said Dr. Phillips has just begun to market to new retail buildings lining Princeton Street and Orange Blossom Trail.
“So we did our first bit of marketing to the brokerage community, probably two months ago,” he told GrowthSpotter. “And the response to that has been overwhelming. We’ve already started executing leases there, and we are excited about the quality of the tenancy that will be coming in, and so that’s going to be a real add to the community. It’ll help with providing more traffic into Foxtail and Publix in that entire area. And then after that our big next project is what’s going to happen in the green space right out front here. And our plans are for a hotel and then office building and so that’ll be the next big step for us.”
Robinson said the district already has entitlements for the hotel and office building, but the development team is trying to decide whether to build two buildings or stack them together in a single building. The hotel user will be a boutique, limited-service brand with 120 rooms, since it will be intended to complement the food hall.
“That was the intent of why we’ve done these together, why we intentionally are working on a hotel for this corner, because we have event space here we have food service. We’ve already designed a parking garage to serve all of the utilization,” he said.
Source: GrowthSpotter
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