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Avison Young has brokered the $40 million sale of Monarch Ranch, a 3,400-acre industrial development site in Central Florida’s Sumter County.
University Park, Fla.-based Benderson Development purchased the land in partnership with The Villages, a census-designated place (CDP) situated at the north end of Sumter County and Marion County.
The site is located near the convergence of I-75 and the Florida Turnpike within an hour’s drive of both Orlando and Tampa. Situated between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until possible large-scale industrial development plans are in place, according to Avison Young.
Jay Ziv, Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Greg Morrison of Avison Young marketed and brokered the sale of Monarch Ranch on behalf of the undisclosed seller as appointed by the court.
Effective December 1, 2023, the state sales tax rate imposed under section 212.031, Florida Statutes (F.S.), on the total rent charged for renting, leasing, letting, or granting a license to use real property (“commercial rentals”) was reduced from 5.5% to 4.5%. Some examples of real property rentals subject to tax under section 212.031, F.S., include rentals of commercial office or retail space, warehouses, and self-storage units or mini-warehouses.
The total rent charged includes all consideration due and payable by the tenant for the privilege or right to use or occupy the real property. The local option discretionary sales surtax imposed by the county where the real property is located continues to apply to the total rent charged.
Sales tax is due at the rate in effect during the time the tenant occupies or is entitled to occupy the real property, regardless of when the rent is paid.
The reduced state sales tax rate on commercial rentals does not apply to the tax rate imposed on parking or storage of motor vehicles, docking or storage of boats, or tie-down or storage of aircraft.
Information about the proper reporting of tax due on commercial rentals is available on the Department’s website at floridarevenue.com/forms. Click the Sales and Use Tax dropdown menu and scroll to Sales and Use Tax on the Rental, Lease, or License to Use Commercial Real Property (Brochure GT-800016).
References: Chapter 2023-157, Laws of Florida; Section 212.031, Florida Statutes
Source: FLCCIM
The strategic move aligns with the company’s commitment to enhancing operational efficiency and optimizing resources to better serve its clients.
The Orlando office, located at 121 S Orange Ave. will continue to serve as the primary hub for Veritas Prime’s Payroll Services Team and Contact Center, as well as future offerings. This centralization of key functions will enable Veritas Prime to streamline communication, collaboration, and service delivery, ultimately benefiting our valued clients.
While the headquarters is moving to Orlando, Veritas Prime will continue to operate key functions from their Portland, ME, office with the existing staff at the current location of 75 Market Street in Portland. This decision ensures continuity and maintains the strong foundation built in Portland.
The relocation to Orlando reflects Veritas Prime’s commitment to growth, innovation, and client satisfaction. The new headquarters in Orlando provides an ideal environment to foster collaboration, tap into local talent pools, and leverage the dynamic business ecosystem in the region.
“We are excited about this strategic move to Orlando, which will further strengthen our position in the industry and enhance our ability to deliver exceptional services to our clients. When looking at the operational costs of our business, and ultimately where our clients are located, Orlando, FL, is a better fit overall,” said Nick Begin, Partner at Veritas Prime. Orlando is not new to Veritas Prime.
The company expanded to this location in 2017 as part of their Payroll Services offering. With the purchase of a new office in 2022, it shows the commitment to growth in this area. Veritas Prime looks forward to this new chapter and the opportunities it presents for continued growth and success.
Source: CRE-sources
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Santa Monica-based Lincoln Avenue Communities is prepping to break ground on a new 300-unit affordable housing community in Orlando’s Parkwood Plaza after securing over $77 million in financing this week.
LAC Vice President Jordan Richter told GrowthSpotter construction would start before the end of the month and expect to be completed by late 2025.
“Orlando has suffered from a chronic housing shortage, and 52 at Park will add 300 units of high-quality, affordable homes for families making 60% of the Area Median Income,” Richter said. “We’re especially proud that the community will host a solar array that will fully offset electric usage, making 52 at Park the first affordable housing community in Florida to deliver 100% solar offsetting to its residents.”
A LAC affiliate purchased the 13-acre site in 2022 for $5.98 million and filed a new deed Monday for the property near the intersection of W. Colonial Drive and John Young Parkway. The general contractor, WPC, filed a notice proceed that same day.
On Dec. 1 the Orange County Housing Finance Authority approved mortgage documents for a $55.5 million non-taxable loan for the project, which will be renamed “52 at Park,” along with a taxable $17.85 million loan from Duetsche Bank. The project also received a $4.3 million SAIL loan from the Florida Housing Finance Authority to cover construction inflation costs.
The Lincoln plan calls for 10 3-story walk-up apartment buildings with a large clubhouse building, pool, playground and separate dog park. Kimley-Horn designed the site plan, which retains an existing cell tower on the property. The development matrix includes 38 one-bedroom units, 134 two-bedroom units, 104 three-bedroom units and 24 four-bedroom units.
Source: GrowthSpotter
MDH Partners announced the lease-up of Ocala Logistics Center, a 350,899-square-foot, Class-A distribution building in Ocala.
BroadRange Logistics leased the entire building, with Clay Witherspoon of Avison Young representing MDH Partners and John Gosnell of Strategic Real Estate Partners representing BroadRange Logistics.
“We’re thrilled to have reached our goal of full occupancy, leasing to a loyal tenant,” said Kate Kilgore, Managing Director at MDH Partners. “BroadRange Logistics currently leases MDH-owned properties in Pennsylvania, Indiana and Georgia. The strategic positioning of the Ocala Logistics Center, in conjunction with the growing need for 3PL warehouse facilities within the Central Florida region, make this partnership exceptionally fitting.”
BroadRange Logistics is revolutionizing the 3PL industry. With a total of 7 million square feet of warehouse space spanning 11 prime locations across five states, the company is known for its flexible, short- and long-term warehousing space without contracts for minimums in place. The end-to-end warehouse-focused company has strategically placed locations to enable it to reach 92% of the U.S. and 72% of the Canadian population within two days.
“MDH has been a trusted partner for several of our facilities throughout the country,” said Ari Milstein, CEO of Broadrange Logistics. “We look forward to furthering our relationship as we expand our operations into new markets so that manufacturers and brands can maximize their fulfillment needs.”
Located at the corner of NW 35th Street and NW 27th Avenue, Ocala Logistics Center features 196 parking spaces, 96 trailer drops, ESFR sprinkler systems and 36-foot clear heights. The building’s design aligns perfectly with the space required for Broadrange Logistics to operate in the Central Florida market.
According to Avison Young, North Central Florida’s industrial construction booms amid robust demand. The sector is well-positioned for future growth. Ocala Logistics Center is located in the heart of the Central Florida industrial market with close proximity to I-75 and convenient access to the Florida Turnpike Junction, which routes to major highways throughout the state.
Additionally, the property is uniquely positioned with direct access to several airports – including the Tampa International Airport, Orlando International Airport and Jacksonville International Airport – and to major distribution ports on both the Atlantic and Gulf Coast.
MDH Partners remains active in expanding its impressive portfolio, currently owning more than 101 assets across 20 states. In the past year alone MDH has added over 4.5 million square feet to its portfolio.
This month, the Leesburg City Commission granted zoning proposals that will clear 39 acres, just across from The Villages of West Lake, east of the Florida Turnpike and south of County Road 470, to accommodate an apartment complex and commercial space.
Without debate, the commission gave its unanimous approval, and no public comments were received. Dan Miller, the city's director of planning and zoning, discussed the project.
LPG Urban and Regional Land Planners created the complex's conceptual designs, which allow for a maximum of 325 units housed in four-story structures. Situated on 25 acres, the facility will feature a raised bed garden, a six-foot wide walking route, a pool, cabana, gym, playground, and dog park.
The project will have a mix of one-, two-, and three-bedroom apartments.
The commercial area occupies roughly 14 acres. General retail sales, restaurants, pharmacies, medical and professional offices, urgent care centers, veterinary care, drive-thrus or not for coffee shops, daycare centers, houses of worship, fitness centers, hotels, and personal services like spas and beauty salons are among the permitted uses.
CR 470 will provide access to the complex.
Infinity Properties, a prominent owner and operator in industrial real estate, has completed a $43 million transaction for a 10-building industrial portfolio in Orlando.
This strategic acquisition, located near Infinity's existing holdings totaling 350,000 square feet, reinforces the company's presence in the area.
The acquired portfolio comprises three distinct business parks situated in Altamonte Springs, a thriving submarket within Orlando:
Shane Decker, Managing Partner at Infinity Properties, emphasized the strategic importance of this acquisition, stating, "This acquisition stands as a trophy purchase in one of the nation's fastest-growing rental rate markets. It's a seamless addition to our existing Orlando industrial portfolio, aligning perfectly with our investment criteria in terms of property fundamentals, location, and unit sizes. We’re enthusiastic about significantly increasing the value of these 10 buildings, and we are eagerly anticipating the transformative impact on the look and feel of each center."
Under the leadership of Shane Decker and Brett Schlacter, Infinity Properties maintains its position as a trailblazer and leading purchaser within the multi-tenant industrial sector across Florida and the wider United States. The company remains engaged in both closing existing deals and actively exploring new opportunities in infill markets.
Infinity operates as a vertically integrated commercial real estate private equity and institutional investment platform, offering investors unparalleled opportunities for capital appreciation and income generation through a portfolio of industrial and logistics assets. With a focus on high-growth and infill markets, the company stands as a beacon of success in the small-bay real estate investment landscape.
Marcus & Millichap announced the sale of a Fairfield Inn & Suites near the University of Central Florida in Orlando.
The 112-room hotel, constructed in 2016, sold for $21,250,000 or $189,732 per room. The Buyer anticipates their post-closing PIP renovation to cost approximately $1,900,000.
“This sale is a prime example of how stable hotels in strong submarkets with robust demand drivers have retained value in 2023, particularly in Florida. Despite challenges with debt, insurance and general uncertainty, this hotel gained value from 2022 to 2023,” said Robert S. Hunter, senior vice president.
Hunter and Leo Reilly, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the Seller, a Tampa-based developer, HG Management, and procured the Buyer, Lodgco Hospitality, based in Grand Rapids, MI with a strong and growing presence in Florida.
“College markets are perceived to be downturn resistant, and the Buyer is confident in their ability to capitalize on the growth of UCF and build on the stability established by the management of Naples Hotel Group,” added Hunter.
Located at 3420 Lake Lynda Drive, this five-story hotel is situated 1.5 miles from the University of Central Florida. It is also strategically positioned near major demand generators, including Universal Studios, Walt Disney World Resort, and the Orlando International Premium Outlets.
The Seminole County Commission on Tuesday cleared the way for a large mixed-use project along International Parkway by signing off on a request to rezone 21 parcels from its original agricultural and office designation.
With the 4-1 vote, Winter Park-based multifamily developer Douglas Partners moves a step closer on a plan to bring more than 300 apartments, 406,437 square feet of nonresidential space, and a 120-room hotel to nearly 20 acres of land just west of Seminole Towne Center Mall.
According to conceptual plans by architecture firm Scott + Cormia, the 319-unit apartment community within the mixed-use project planned for Seminole County would be four stories with an attached parking garage. The building will include two courtyards, one of which will hold a pool.
The multifamily parcel, located along the north side of Woodruff Springs Road, totals 7.12 acres of the overall project site. The apartment community will feature 177 one-bedroom units between 617 and 798 square feet, 134 two-bedroom units between 1,192 and 1,028 square feet, and eight three-bedroom units of 1,415 square feet, according to conceptual plans.
The commercial parcels, to the north, south and west of the apartment site, total 10.98 acres. The largest commercial tract, of 6.8 acres, runs parallel to International Parkway.
The hotel proposed for the site is expected to cover as much as 130,000 square feet, according to Douglas Partners’ website.
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