Real Estate - August 28, 2017

Top 8 construction projects in region

[dropcap]I[/dropcap]nternational Drive and southeast Orlando dominate the top eight construction projects underway in Orange County. according to a presentation by Orange County Property Appraiser Rick Singh.

On average, Orange County has had $8.5 million in construction going on every day, the property appraiser said. He added that Orange had $3.1 billion of new construction for 2017.

  • High-profile projects include:
  • Tremont Plaza in downtown Orlando,
  • StarFlyer on International Drive,
  • SunRail/Brightline terminal at Orlando International Airport,
  • iSquare on International Drive,
  • Topgolf on International Drive,
  • the Amazon Distribution Center in southeast Orlando,
  • KPMG training campus at Lake Nona.

$8M airport industrial sale

Exeter Property Group bought 45 acres in Air Commerce Business Park at Tradeport Drive and Taft Vineland Road for $8.35 million with plans to build a spec distribution center, according to JLL.

Based in Philadelphia, the real estate property group specializes in industrial properties and previously purchased two Orlando-area warehouses with a combined 513,000 square feet, according to JLL Vice President Josh Lipoff. Exeter’s newest plans call for construction of a center with 400,000 to 500,000 square feet.

Lipoff and JLL Excutive Vice President Joe Hills represented the buyer. The seller was Brian Mulvaney, managing member of Bogey Boggy Creek 08 LLC.

McNamara sale

Investor Tuan Mui purchased the former McNamara Pontiac dealership at 1100 W. Colonial Drive, Orlando for $2.8 million. The seller was AJ1 Investments. Greg Kainz and David Lundberg, managing partners of Commercial Equity Partners, represented both parties in the sale.

Apopka warehouse sale

CF Commercial Property LLC purchased a warehouse with 10,350 square feet at 2642 Floral Avenue, Apopka from AA Benison LLC for $620,000. The warehouse is fully leased and sold as an investment property. Greg Rebman with GR Properties represented the seller. The group buying the property included Aliraza Manekia, of Lake Mary, and Shabbir Manekia, of Sanford.

Safemark expands

Safemark Systems, which specializes in electronic safes for the hospitality industry, expanded and consolidated with a new lease of 69,545 square feet at 200 W. Sand Lake Road in Horizon Commerce Park near downtown Orlando. Richard T. Davis Jr., managing director with Colliers International Central Florida, represented Safemark.

Mike Borling, senior vice president with JLL, represented the landlord, EastGroup Properties. Safemark was the building’s first tenant so space was tailored for it, Davis said.

Ocoee, UF cancer center

S.I. Goldman Company Inc. was selected by Charles Perry Partners Inc. for the Health Central Hospital/University of Florida Cancer Center project in Ocoee. Completion is expected in June.

The mechanical contractor was selected by Wharton-Smith Inc. for the VCPS Galaxy Middle School renovations in Deltona. That project is to be completed in October 2018.

Apartment prices decline

Orlando’s new-home construction market surged ahead in the first half of the year from the same time in 2016, according to a new Residential Market Report by Charles Wayne Consulting.

The group reported that new-home closings were up 27 percent for the first six months of the year with average prices of $338,000, which was up 5 percent for the same period a year earlier.

Apartment construction was also continuing its growth mode, although prices for multi-family had softened with less “high-dollar resort product” in the mix, according to the report.

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