Orlando Commercial Real Estate Wrap-Up – October 2020
Over the past month, Orlando’s commercial real estate sector showed some notable activity, despite economic headwinds. Investment and leasing transactions closed across several asset types, including the office sector. Despite work-from-home policies being the norm, at least one major office lease closed this month. Lenders continued to back deals, financing acquisitions of in-demand industrial and manufactured housing assets. Catch up on our October selection of Orlando must-knows:
1. DEAL – TerraCap Management pays $24.1 million for office park.
Real Capital Solutions sold Orlando International Business Center, a six-building complex encompassing 196,000 square feet. Prime Finance Partners provided an $18.2 million acquisition loan, according to Yardi Matrix data. Located on 17 acres at 5730 S. Semoran Blvd., the property was built in 1983 and 1985. CBRE assisted the seller and secured the financing. Harvard Pacific will take over property management and Foundry Commercial will oversee leasing efforts.
2. LEASING – Tower Realty Partners lands 85,117-square-foot office lease.
Northrop Grumman Corp. signed the 10-year commitment for space at Discovery Point, a 364,000-square-foot office property, according to Orlando Business Journal. The tenant will consolidate multiple local offices to contiguous space at 2300 Discovery Drive. The six-story building was completed in 1999. JLL’s David Chapin negotiated on behalf of the tenant, while Shipley Hall represented the owner in-house.
3. DEAL – Clark Properties acquires 785-unit self storage property.
PREFERRED Realty & Development sold the facility for $9 million. The new owner financed the purchase with a 10-year, $8 million financing package from Valley National Bank, Seminole County records show. Completed in 2017, the two-story building sits on 7 acres at 2728 W. 25th St. The 70,900-square-foot property has climate-controlled and drive-up access units ranging from 25 to 540 square feet. Cushman & Wakefield’s Mike Mele and Luke Elliott negotiated on behalf of the seller.
4. DEAL – ATCAP Partners buys 562,758-square-foot warehouse for $30 million.
A joint venture between IP Capital Partners and Blue Vista Capital Management sold Innovation Center at Lake Mary, REBusiness Online reported. Reinsurance Group of America financed the acquisition with a 10-year, $21.6 million loan, Yardi Matrix data shows. Located on 33 acres at 2452 Lake Emma Road, the facility was built in 1995 and expanded in 1998. Cushman & Wakefield assisted the seller and facilitated the financing for the buyer.
5. DEAL – Manufactured housing community trades for $36 million.
Capital Square 1031 purchased Maplewood Estates, a 412-site property in Port Orange, Fla., from All Aboard Properties. Walker & Dunlop originated a 10-year, $27.9 million Fannie Mae acquisition loan. The community occupies a 77-acre site at 1000 Chamberlin Blvd., nearly 60 miles from downtown Orlando. Maplewood Estates is aimed at tenants over 55 and had an occupancy rate of 94.4 percent at the time of the deal.