Upcoming Events
The National Association of Realtors® will host its virtual Real Estate Forecast Summit: The Year Ahead – which will provide a year-end review of 2023 and an outlook on the real estate market and economy for the year to come – Tuesday, December 12, 1-2 PM EST.
NAR Chief Economist and Senior Vice President of Research Lawrence Yun will share critical data forecasts in this year-end market update.
The agenda also includes a residential real estate panel discussion moderated by NAR Deputy Chief Economist and Vice President of Research Jessica Lautz and a commercial real estate panel discussion moderated by Yun.
For information and to register to attend this free webinar, visit nar.realtor/events/nar-real-estate-forecast-summit.
WHAT: Real Estate Forecast Summit: The Year Ahead
WHEN: Tuesday, December 12, 1-2 PM EST
WHO:
WHERE: Online
REGISTER: nar.realtor/events/nar-real-estate-forecast-summit
Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, represented by its president, Anthony Scavo, closed on the purchase of Winter Garden Business Park, located at 1218-1232 Winter Garden Vineland Road in Winter Garden for $24.95 million. Ron Rogg of CBRE represented the seller, Westminster Capital, in the transaction. Located 10 minutes from Florida’s Turnpike, the 91,727-square-foot property offers accessibility to SR 429, SR 417, and SR 408. It sits in the heart of the swiftly developing northwest Orange County submarket. Current tenants include DaVita, Orlando Health, BoxTribe Weightlifting, APTIM Government Solutions, and Budget Insurance Offices. Basis plans for future interior renovations, roof maintenance, exterior upgrades, CCTV, and signage.
Scavo also represented Basis in its $49,592,500 purchase of North Lake Business Park, a 271,988-square-foot property located at 370-774 Northlake Boulevard in Altamonte Springs. Robbie McEwan and Cody Brias of JLL represented the seller, Jeff McFadden, principal of Taurus Investment Holdings. The property is currently at 84% occupancy with a broad tenant portfolio of 37 different businesses including BioPlus, Miller Electric Company, Research America, THR Property Management, Soleo Health, My Favorite Therapists Orlando, Geopoint Surveying, and Owen Electric Company. Basis plans for future interior renovations and improvements, supply and installation of roll-up door, roof maintenance, exterior upgrades, CCTV, access controls and lighting. High resolution images are available here.
The deal was part of a four-commercial-property acquisition in Florida and Texas, as well as the refinance of two of its current commercial properties in Florida. The complex transaction, which totaled $220 million, closed on November 30.
Bank United, Banesco and Thorofare provided roughly $110 million in loan proceeds. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the sponsors, Basis and NexPoint, funding the remaining. The transaction encompassed all six properties under one shallow bay/multi-tenant industrial portfolio totaling 1,328,443 square feet.
“This $220 million portfolio transaction combining acquisitions, refinancing, multiple lenders and mezzanine financing represents our ability to achieve success in diversifying our asset classes and locations. This transaction, which took months, involved multiple sellers and lenders. It was extremely difficult, but we worked through it and got it closed,” said Scavo. “We appreciate the sellers for working with us on extensions that gave us time to piece this difficult transaction together. Shallow Bay industrial assets have done very well for us, and we are extremely pleased to close on these properties to complete this portfolio, which offers unique benefits in strategic locations.”
“This is a huge step for Basis’ growth and my vision,” added Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted Sun Belt markets, and I want to thank my team for all their work on this enormous and complicated transaction.”
Paul P. Partyka, CCIM, MiCP, CIPS, partner at NAI Realvest facilitated the sale of Panther Ideal Holdings LLC's industrial property at 3200 Parker Drive in St Augustine.
The property, which includes a 147,038-square-foot industrial building and 16.6 acres of land, sold for $9,950,000.
The buyers, 3200 Parker Drive LLC and Parker Drive Investors LLC, are expanding their portfolio of single tenant buildings and strengthening their presence in Florida.
Paul P. Partyka, CCIM, MiCP, CIPS, partner at NAI Realvest, recently secured a new location for Custom Cornhole Boards Inc.
The company secured a 6,331 square feet of space at 531 S Econ Circle in Orlando.
Specializing in premium cornhole boards, bags, and accessories, the move brings their presence to the UCF area.
CFCAR believes that great networking and deal-making requires the right fuel.
The commercial real estate association backed up this belief by feeding hundreds of agents, brokers and deal makers this year at the Florida CCIM Central District Monthly Marketing Breakfast.
The last breakfast of the year was well attended and included another great breakfast spread that included a breakfast casserole, fruit salad, deviled eggs, and homemade oatmeal crème pies.
While Rick Orr of Total Commercial pulled up listings from his computer and shared them on the display screen, Marie Shorey of Palkiper Commercial kept the event lively and upbeat.
CFCAR board members and leaders have supported Central District with these hot breakfasts during 2023 as well as with a sponsorship of their annual golf event and attendance at many of their events.
The next meeting will be:
Friday, November 17th, 2023
Doors open at 8:30AM Meeting starts at 9:00AM at the
Orlando Regional Realtors (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
A new business park with 67,800 square feet of office and flexible warehouse space is being planned in Stevens Plantation in St. Cloud by a development company headed by Public Service Commissioner Mike La Rosa.
La Rosa, a Republican from St. Cloud, served four terms in the state House of Representatives before being named to the PSC in 2020. This week, he was chosen to be the PSC chairman. La Rosa is the vice president of La Rosa Development, a business he founded alongside his father and brother. In 2022, La Rosa Development paid $825,000 to the City of St. Cloud for the 5.5 acres on Progress Avenue.
The city's Development Review Committee approved the Site Development Plan, which was designed by KPM Franklin. According to the plan, there will be three 10,640 square foot one-story office buildings facing Progress Lane and three 12,000 square foot warehouse structures behind them. La Rosa was informed by the DRC that he may move on with site development if he complied with the guidelines in the staff report.
Source: GrowthSpotter
Newmark announced the completion of the $80.4 million sale and financing of The Grove at Clermont, a brand-new, 288-unit multifamily asset in Clermont.
The asset traded from a joint venture between Penler and CrossHabor Capital to Venterra Realty.
Newmark Multifamily Capital Markets Vice Chairmen Scott Ramey and Patrick Dufour, Director Brad Downing and Associate Paul Grant represented the seller in the sale transaction.
“The Grove at Clermont is the second closed sale this year of a recently constructed, Class A luxury garden apartment community in the Orlando MSA, representing continued investor confidence in top-of-the-market multifamily assets in Central Florida,” said Ramey. “The buyer, who already owns assets throughout Central Florida, is poised to benefit from The Grove’s strategic location and the booming growth that the Clermont submarket is currently experiencing.”
The Newmark Multifamily Capital Markets team secured new acquisition financing from Freddie Mac, totaling $45,088,000. Vice Chairman Matt Williams, Directors Kyle Schlitt and James Maynard and Assistant Vice President Robert Wright facilitated the loan on behalf of the buyer, Venterra Realty.
“Our team was able to capitalize on the property’s leasing velocity and place the loan into the Freddie Mac Lease-Up program, which offered the client the best combination of proceeds and rate based on a stabilized cash flow,” said Schlitt.
The two-story, 288-unit multifamily asset features well-appointed apartments with ground floor direct entries into all units, private balconies and patios, luxury wood grain plank flooring, quartz countertops, stainless steel appliance packages with front-control ranges and designer subway tile backsplashes. In addition, residents enjoy an amenity-rich environment with access to a resort-style, tropical pool, a 24-hour commercial-grade fitness center, a clubhouse equipped with gaming rooms, beer tap and multiple meeting spaces, and an expansive outdoor game lawn with grilling stations.
Following the construction of a 155,000-square-foot commercial center along S.R. 417 in 2021, Southern Development & Construction saw the immediate vacancy of nearby warehouse buildings and realized that additional industrial space was needed in this Oviedo-area neighborhood.
Accordingly, the company intends to build a second industrial park on nine acres just across from its Oviedo Commercial Center.
Plans for the new Connection Point Commercial Center project have been filed with Seminole County. Plans include three warehouse buildings with a combined area of 124,000 square feet and a maximum of 30 bays.
CFCAR Platinum Sponsors
CFCAR Gold Sponsors
CFCAR Silver Sponsors
WHO WE ARE
About Us
Code of Ethics
Committees
WHAT WE DO
Property Listings
Education
Advocacy
MEMBERSHIP
Join CFCAR
Member Benefits
Member Directory
