CENTRAL District Deal Roundup Shows Uptick In Leases And Sales

CENTRAL District Deal Roundup Shows Uptick In Leases And Sales

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Central District Members of the Florida CCIM Chapter reported a variety of recent closings and lease transactions on behalf of their clients totaling more than 150,000 square feet of office, industrial and land sale and lease transactions.

Noteworthy deals include:

● American Freight of Central Florida, LLC, a discount furniture and mattress retailer, signed a 7-year industrial and showroom lease for 30,500 square feet at Heritage Center, located at 2230 Commerce Point Dr. in Lakeland, FL. Florida CCIM Chapter President-Elect Scott Lloyd represented the Landlord, BBX Capital, in the deal.

● Lloyd also represented Orthopartners, Inc., a prosthesis company, in a 4-year, 3,464 square-foot medical sublease at 1646 33rd St. in Orlando, FL. John Worrell and Jaime Barati of Cite Partners represented the Sublessor, Bolad Arthritis & Rheumatology Clinic, P.A.

● Children’s Home Medical Equipment, Inc. will occupy 6,000 square feet at a warehouse located at 6831 Edgewater Commerce Parkway for a term of 3 years. Lloyd represented the tenant in the lease deal. Jeff Gindi of Results Real Estate Partners represented the owner, H.G. Storage, Inc.

● Lloyd represented Orlando City Soccer in a 5,000-square-foot warehouse lease at 1510 W. Church St. The team plans to utilize the space for storage and game day operations.

● Private equity fund manager, TerraCap Management, LLC, has purchased the Lake Destiny Executive Center, an 80,464-square-foot multi-tenant office complex in Maitland, for $5.08 million. The Class-A complex is situated on Lake Destiny less than a mile from Interstate 4. Joe Rossi, CCIM, Managing Director of Investment Services for Colliers International Central Florida, represented the seller, The Three R Corporation. “We are excited about this purchase, as it increases our ownership presence in the quickly recovering Maitland submarket,” said Albert Livingston, Director of Asset Management for TerraCap Management. TerraCap Management will make a significant investment in the property through enhancements to the common areas, restrooms, elevators, building signage, parking lot, landscape and exterior. Currently the property is 60% leased. The Lake Destiny Executive Center is located at 1001-1101 N. Lake Destiny Road in Maitland.

● Tom Kelly, CCIM, NAI Real Vest and Rick Gonzalez, CCIM, ALC, Crosby + Associates, successfully closed on two office buildings and a vacant commercial lot on Prevatt Street in Eustis. These high quality office buildings were constructed during the building boom of 2006 and had been mostly vacant since then. The Buyer, Mid Florida Real Estate Holdings, Inc., is new to the Eustis area and will bring about ten high paying jobs to this area. Included in the sale is an ongoing lease of 1/2 of one of the buildings by Tom’s client, Quest Labs.

● Rick Gonzalez, CCIM, ALC, also worked with Glen Tyre of Tyre + Taylor Commercial to bring 8 new jobs and a growing company to Eustis in November. AERO Doors is the new owner of an 8,000-square-foot warehouse located on Dillard Street in Eustis. The new owner manufactures made-to-order warehouse doors including the six 60-foot-long warehouse doors they recently installed in Arizona for a Department of Defense project. Formerly in leased space in Apopka, this $440,000 purchase allows the new owners to invest in their growing business and give them room to expand.

● Louis H. Nimkoff, CCIM, CPM, president of Brio Real Estate in Winter Park, FL, brokered the sale of two adjacent properties on Edgewater Drive in Orlando consisting of an industrial building, and an adjacent 1.1 acre vacant parcel. The properties sold for approximately $700,000. Richard Palmano with The Palmano Group, and Diane Walters of Homevest Realty, represented the buyers in the transactions. In addition, Nimkoff was elected to serve as the CCIM Institute’s 2016 Treasurer. Joining CCIM in 1993, Nimkoff has served on CCIM Institute’s Board of Directors since 2006 and currently serves on CCIM Institute’s Executive Committee. Nimkoff was the 2004 President of the Florida CCIM Chapter. He has also served as CCIM Institute’s Legislative Affairs Subcommittee chair.

● Carol Tanner, CCIM, Senior Advisor with Lloyd Commercial Advisors, LLC (LCA), negotiated a lease expansion for Amec Foster Wheeler at 404 SW 140th Terrace in Newberry, Florida, just west of Gainesville. Amec Foster Wheeler is a British multinational consultancy, engineering and project management company. The expansion comes less than a year after signing a six-year lease renewal of 26,950 square feet of its office-laboratory complex located in West Alachua County’s growing Jonesville community. Tanner represented the Landlord, Milmar Enterprises LLC, in the November, 2015 transaction that advanced the total lease value above $1,729,000.

● Tanner also partnered with fellow Lloyd Senior Associate Don Rudolph, CCIM, on the sale of an industrial investment property in Maitland, Florida. The team represented SRE Management LLC in the $660,000 sale of a multi-tenant warehouse at 123 Atlantic Drive to Tuttobene Holdings LLC.

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