Cite Partners Assists Denholtz Associates in Three Orlando Deals
- Apr 15, 2017
Cite Partners recently announced three deals spanning the first quarter of 2017 with New Jersey-based Denholtz Associates. The deals include the acquisition of a 256,838-square-foot industrial flex portfolio located in the Central Florida industrial market, as well as the leasing of a mixed-use office building located in downtown Orlando and the leasing of a flex property in Winter Park. The $18.5 million acquisition of Cypress Industrial Park in January 2017 started the growing relationship between the two companies.
Cite Partners represented Denholtz Associates with the leasing of 100 E. Pine St., a 82,892-square-foot six-story office/retail building located in downtown Orlando. The company acquired the asset in December 2015 for $7.2 million from a Brooklyn investor and, according to Yardi Matrix data, the sale was subject to an $8.8 million loan held by ReadyCap Commercial.
Built in 1977, the property underwent renovations in 2016 such as common area and restroom finishes and new HVAC systems throughout the building. Improvements to the exterior and interior features including a new office awning, painting of the exterior of the building, lighting of the building crown and new elevators are currently underway and slated for completion later in 2017. The building features standard ceilings and includes 11,000 square feet of retail space.
The third deal in which Denholtz Associates was recently represented by Cite Partners is the leasing of University Corporate Center, a 130,000-square-foot flex property located on a 12.2-acre site at 6269-7129 University Blvd. in Winter Park, Fla. Comprised of seven one-story buildings with high ceilings, the center built in four phases between 1982 and 1987 offers flexible units ranging from 1,300 to 10,200 square feet.
The asset is six miles east of downtown Orlando and in close proximity to the University of Central Florida and the Central Florida Research Park. According to Yardi Matrix, the asset was acquired from Banyan Strategic Realty Trust for $9.7 million in 2001. A CMBS loan in the original amount of $29 million having its maturity date in July 2018 was placed in 2013, the lender being U.S. Bank.
“We’re proud that Denholtz Associates chose to grow its investment in Central Florida and to trust us with its recent investment deals,” said Matt Sullivan, managing director & principal of the Cite Partners industrial team, in a prepared remark. “These deals will capitalize on the thriving Central Florida commercial real estate market.”
“We strongly believe in Orlando’s future, its growth, and we look forward to working with Cite Partners as we grow our portfolio in Central Florida,” added Stephen Cassidy, president of Denholtz Associates.
Images courtesy of Denholtz Associates