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Basis Industrial closed on the purchased of the 96,810-square-foot Global Business Center, a multi-tenant industrial property located at 5776, 5790 and 5818 Hoffner Avenue in Orlando near Orlando International Airport for $19.5 million.
The transaction closed on March 22.
Basis President/COO Anthony Scavo and Head of Acquisitions Ahmad Elayyan represented the company in the off-market transaction.
Nick Hanson and Nick Ledvora of LH Capital Partners and Bill Bywater of The Bywater Company represented seller Jun Tagami.
Reinsurance Group of America (RGA) is providing financing for the purchase. Current tenants include MicroGenDX, Leak Testing, Sherwin Williams, Innova, US Army, V12 Promotions, CreditMax, and more.
Basis’ planned renovations to the property include roof maintenance and replacement, exterior upgrades and improvements, interior suite renovations, CCTV, and signage for BaySpace, the property management arm of Basis Industrial.
Basis Industrial is a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida.
The purchase represents Basis’ continued expansion into the Orlando market. In December 2022, the company purchased the 196,000-square-foot multi-tenant industrial flex space next door, formerly known as the Orlando International Business Center, for $36.5 million. This will bring Basis’ total holdings in the Orlando Metropolitan Statistical Area (MSA) to over 1.5 million square feet.
“We are very happy to expand further into the Orlando market,” said Scavo. “The Global Business Center has been under the same ownership for 30 years and has never been marketed for sale. Along with the former Orlando International Business Center which we purchased in 2022, we are excited to own these two side-by-side properties. We plan to continue expanding in and around Orlando.”
Additional Orlando-area properties that Basis has previously purchased include:
Orlando-based CTO Realty Growth acquired the Marketplace at Seminole Towne Center, a 318,000-square-foot multi-tenant retail power center in Orlando, for a purchase price of $68.7 million, equating to approximately $216 per square foot.
CTO Realty Growth’s John P. Albright adds, “Seminole Towne Center provides a stable income stream and growth potential, and due to its prime location and strong community ties, we see attractive potential upside from below-market rents. We believe we acquired the property below replacement cost.”
The property is 98% occupied and is anchored by Burlington, Marshalls, World Market, Petco, Ross Dress for Less, Old Navy, Ulta Beauty, and Five Below. Seminole Towne Center is situated on 41 acres along I-4 and SR 417, just over 20 miles north of downtown Orlando.
The company purchased the property through a 1031 like-kind exchange using $24.1 million of restricted cash generated from the company’s previously completed property dispositions, as well as available cash and draws from the company’s unsecured revolving credit facility.
Source: ConnectCRE
SRS Real Estate Partners has brokered the $3.7 million sale of a 6,119-square-foot gas station and convenience store situated on 2.3 acres at 8300 S.W. 100th St. in Ocala.
The newly constructed property has a 20-year, corporate-guaranteed ground lease in place with Wawa.
Patrick Nutt and William Wamble of SRS represented the seller, an unnamed development firm based in Florida, in the transaction. The undisclosed, privately held buyer is based in Arizona and purchased the property in a 1031 exchange.
Source: RE Business
A local developer wants to build a mixed-use development with retail and residential components on a prime location along Plant Street in Downtown Winter Garden.
Orlando-based Atrium Capital Group is behind the project, Plant Street Commons, which is proposed to include ten apartments, eight two-story townhomes, and approximately 5,000 square feet of retail. The property is located at 419 W. Plant. St. on the northwestern corner of Plant St. and N. Central Ave.
A three-story building with ground-floor retail will front Plant Street, with the top two floors holding ten apartments. Additionally, the plans call for three townhomes to be built along Central Ave. and five townhomes to face Bay St. to the north of the property. There will also be a total of 27 parking spaces, 16 of which will be set aside for retail, 20 for apartment residents, and 16 for the townhomes in rear-facing garages.
Property records indicate that Atrium purchased the approximately 1-acre property for about $1.9 million in June 2022. Currently, the property holds two-single family homes along Bay Street, which will be replaced by townhomes. The current zoning for the property is Planned Commercial District (PCD) with a future land use of low-density residential.
Atwell is the civil engineer and surveyor on the property, and Silling Architects is the project architect.
“Plant St Commons will provide 5,000 SF of retail on Plant St, 10 Apartments, and 8 Townhomes on the backside of the site transitioning into the neighborhood. Winter Garden, with its undeniable beauty, serves as the perfect location for this small-scale mixed-use project”, said Adam Wonus, Partner at Atrium Capital Group, in a statement provided to GrowthSpotter.
Wonus said that the project is still preliminary, so it is too early on in the process to be looking for tenants for the retail. However, retail space is in high demand in Downtown Winter Garden, which is known for its shops, dining options, and weekly farmers market. Downtown Winter Garden hasn’t seen the explosive kind of growth that other parts of the city have in recent years, but the neighborhood continues to steadily grow with small infill developments.
Source: GrowthSpotter
Construction is about to commence on a new retail project that will bring a well-known specialized grocery store and a fitness brand with headquarters in Phoenix to Brevard County.
A subsidiary of the Atlanta-based investment company Longline Holding LLC, Longline Financial, stated on March 1 that it had lent $29.65 million to Tampa-based developer Barclay Group for the building of Pineda Commons, a planned retail development on Melbourne's north side.
Two global tenants will serve as the project's pillars. The city of Melbourne has granted permits for a $4.2 million, 23,479-square-foot Sprouts Farmers Market grocery store and a $10.1 million, 42,414-square-foot EoS Fitness facility.
Two other permits that the city has granted for Pineda Commons are for a 1,857-square-foot Fifth Third Bank branch, valued at $3 million, and a 7,000-square-foot inline retail building with five different spaces for lease, valued at $1.3 million.
A site plan also reflects additional outparcel opportunities, including three ground-leased properties.
Pineda Commons will rise on 17.8 acres at 5185 and 5195 N. Wickham Road, just south of the Pineda Causeway.
Now in its 16th year, the Lay of the Land Conference is considered Florida’s largest land conference, bringing together landowners, policymakers, investors and industry professionals seeking information on trends and the state of the Florida land market.
Industry experts will discuss market trends in conservation, agricultural, timberland, transportation/Infrastructure and residential construction in rural Florida. This forum provides a great opportunity to meet the key players behind some of Florida's largest land deals and learn about Florida’s renewed efforts to buy land for conservation.
At the conference, SVN | Saunders Ralston Dantzler will release its annual Lay of the Land Market Report, which provides sales data on all land property types, including Ranch & Recreational, Residential Development, Timberland, Citrus, Transitional Land, and Conservation Easements.
SVN | SRD collects the sales data using a proprietary software system. This exclusive report is the only source of verified Florida land sales. We will be able to schedule interviews for you with individual panelists.
Confirmed speakers include:
Thursday, February 29, 2024 | 12:30 - 5:00 PM ET
Friday, March 1, 2024 | 8:30 AM - 1:00 PM ET
Bonnet Springs Park, 400 Bonnet Springs Boulevard, Lakeland, FL 33815
The 2023 Lay of the Land Conference will be held at the Bonnet Springs Park Event Center, which is Central Florida’s premier destination. The 168-acre park in downtown Lakeland features a state-of-the-art event center, coffee shop, café, rooftop bar, and so much more!
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[The Lay of the Land conference is the brainchild of SVN | Saunders Ralston Dantzler co-founder Dean Saunders, who has been a leading force behind Florida’s conservation efforts. As a former state legislator in the 1990s, he wrote the legislation to establish the Green Swamp Land Authority, the first state entity to purchase development rights (PDR) from landowners. The legislation was truly a pioneering concept with no formal program in place within the State at the time, and was the driving force behind Florida conserving over one million acres of land in approximately three decades.
At the conference, industry experts will discuss the current and future value of land as well as current trends fueled by the current economic climate.]
A Publix-anchored shopping center in Seminole County has sold for $40.3 million.
The Site Center sold the Casselberry Commons retail center to JBL Asset Management.
The 248,683-square-foot shopping center sits on about 20 acres at the northwest corner of Semoran Boulevard/State Road 436 and Howell Branch Road.
Anchored by a 47,317-square-foot Publix grocery store, the center includes national tenants such as Burlington, T.J. Maxx, Five Below and Firehouse Subs.
The property was 90% leased at the time of sale. 11 vacant spaces available for lease, ranging from 600 to 7,930 square feet in size. The Orlando Business Journal reports two out-parcel buildings — Metro Diner and LensCrafters — are part of the traded property. Some others, including Burger King, Arby’s, Starbucks, Pollo Tropical, Dunk’n and Chase Bank, have other owners.
The property last sold for $17.4 million in 1999 to Inland Retail Real Estate Trust, which was later acquired by Site Centers.
Source: Connect CRE
Dear Members,
In January, you were asked to take part in a survey to guide the future of our organization. We had hoped for a strong response, and you delivered one… and your feedback is instrumental.
Because so many participated, we can be confident that the overall results meaningfully reflect the perspectives of members on a range of key issues. This is tremendously important, as we will use the survey findings to improve CFCAR | CFCREA operations, target enhancements to our value proposition, and advance our association as an organization of choice and together, with you, establish a culture of continuous improvement.
We promised to share and openly respond to the survey's findings. This communication is a first step; there will be more to come throughout the year. Below are some initial results that I would like to share.
I am heartened by the fact that most respondents reported having a positive member experience overall. More specifically, findings showed some of our greatest areas of strength, as well as those where we can improve.
CFCAR | CFCREA events most enjoyed in 2023 were ranked in the following order:
In regard to the types of events members would like to see in 2024, there seemed to be a remarkable consensus that more in-person meetings and educational events, including those that would qualiy for CE, were most desired.
Participants also noted areas where we need additional focus and work. Those include:
So, without a doubt, we have room to improve, but we also have much to be proud of today as we work together toward a better version of CFCAR | CFCREA for the future.
Let me assure you that the association’s leadership and I—informed by your responses—are committed to fostering and maintaining an organization in which all members are supported, engaged and respected for their work and their voices and are well-informed about how the association is evolving as a CRE Association of choice for Central Florida industry professionals.
We also offered respondents an opportunity to submit their email address for an opportunity to win a $250 Amazon Gift Card as our way of saying thank you for sharing your voice. Without further ado, I would like to congratulate Teresa Reilly-O’Doherty with Florida Commercial Realtors as the winner! Thank you, Teresa… and a big thank you to each and every one of you for helping us make CFCAR | CFCREA even better!
Best Regards,
Rafael Mendez, CCIM
2024 CFCAR | CFCREA President
A REALTOR® Member who has held membership in the National Association as a REALTOR®, REALTOR-ASSOCIATE®, or both, for a cumulative period of forty (40) years and has completed at least one (1) year of service at the National Association level is eligible for REALTOR® Emeritus status.
CFCAR Member Charles E. Brenner has done just that.
Charlie (Charlie) Brenner is a Commercial Real Estate Broker from Winter Park and a Certified Commercial Investment Member (CCIM). He started C Brenner Inc. in 1979, which has served sellers, buyers and landlords as one of the most experienced Florida Commercial Brokerages for over 40 years.
Charlie moved to Florida as a child when his family traveled by boat from New Jersey in the late 1950s. After high school he served four years in the Air Force, then moved to Central Florida in the 1960s to work with IBM on the Apollo Program at Cape Canaveral. When the Apollo Program slowed down in 1967, he moved to Orlando to begin his real estate career. He learned real estate from the ground up and went on to form the first exclusively commercial real estate company in 1979 in Winter Park.
Real Estate Experience
Charlie is known for his creative approaches to get complicated deals to the closing table. He has participated in over 1,000 commercial transactions in his career on commercial properties ranging from retail, industrial, office, hotel, and land. In his five decades in real estate, he has brokered transactions with small business owners, national corporations, and the US Government. He is a visionary and trend-setter in Florida for commercial real estate, introducing cooperation between commercial brokers for property marketing in the 1980s, assisting owners in lowering their property tax burden after the market collapse in 2008-9, and influencing Florida’s political leaders in Tallahassee, guiding future land use and promoting property rights.
He is a realtor emeritus with Orlando Regional Realtor Association, and received the Walter Rose Lifetime Achievement Award in 2009. He is a member of the National Association of Realtors, Florida Association of Realtors and the Central Florida Commercial Association of Realtors. He was “CCIM of The Year”, in 2006.
Experienced Developer
In the 1980s, Charlie saw a need in the commercial market for flex space (office/warehouse/retail) centers to enable small business owners and investors to own small units. In 1986 he became a partner/developer of the Aloma Business Center, and in 1995 the Winter Park Commerce Center, for both flex space condominium developments. These types of units are found today all over Florida and in other national cities.
Serving Veterans and the Community
As an Air Force veteran, Charlie is extremely proud of his volunteer involvement in the Central Florida Veterans Memorial Park Foundation as a board member, and as past president of Central Florida Veterans Inc., an organization who worked tirelessly to get the new VA Hospital built in Orlando to serve our Central Florida Veterans.
Charlie has been an Ambassador in the Winter Park Chamber of Commerce and a founder of the Goldenrod Chamber of Commerce. He lives in Winter Park where he works with his son and grandson, both of whom are Real Estate Brokers with the brokerage he established in 1979.
Please join us in congratulating Charlie for his dedication to the Central Florida real estate industry!
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