Orlando Commercial Real Estate Wrap-Up – April 2020
- May 06, 2020
Orlando’s commercial real estate had its fair share of activity in April, despite mounting challenges from the COVID-19 pandemic. In one of the month’s largest deals, Amazon signed a 1.1 million-square-foot lease agreement as e-commerce businesses continued to grow. Alongside a number of key investment transactions, development activity also pushed forward. Read our April selection of Orlando must-knows:
1. LEASING – Amazon signs 1.1 million-square-foot industrial lease.
The e-commerce giant’s new space is at 3015 Coast Line Drive, according to Orlando Business Journal. Yardi Matrix shows the former Winn-Dixie distribution center consists of two buildings completed in 1975 and 1997 on 78 acres. Additional construction is planned for the site, which is 30 miles south of Seefried Industrial Properties’ 1.4 million-square-foot development for Amazon in Deltona.
2. DEAL – Kissimmee Quality Inn & Suites changes hands.
Rosemont Hotels Inc. sold the 113-key property to Japan-based Sarasa Hotels for $10.6 million. Located at 2945 Entry Point Blvd., the 1984-built hotel is 4 miles from Walt Disney World Resort, close to Margaritaville and the ESPN Wild World of Sports. HVS Brokerage & Advisory brokered the deal.
3. DEAL – Tratt Properties pays $41.2 million for a CVS Distribution Center.
The company purchased the two-building, 713,585-square-foot property as part of a 1031 exchange, following the $34.9 million disposition of a 526,320-square-foot warehouse leased to Pepsi in Winston-Salem, N.C. Situated on 43 acres at 8201 Chancellor Drive, the CVS distribution center is close to Florida’s Turnpike and the Beach Line Expressway, with direct access to Interstate 4. Cushman & Wakefield brokered the transaction.
4. DEVELOPMENT – Cedarwood Cos. completes first U.S. self storage development.
The six-story, 787-unit facility delivered on a 1-acre parcel just south of downtown at 930 Sligh Blvd., close to Interstate 4 and the Orlando Regional Medical Center. The 117,000-square-foot property features climate-controlled units ranging from 20 to 286 square feet. Cedarwood had financed the development with an $8.5 million loan from Huntington Bank.
5. DEAL – Orlando Health to buy St. Cloud Regional Medical Center.
Community Health Systems Inc. agreed to sell its majority ownership share in the 84‑bed facility in St. Cloud. Prior to the agreement, Orlando Health already held a minority interest in the asset. The hospital at 2906 17th St. offers a wide range of services, including imaging and radiology, and has emergency room facilities. The transaction is expected to close this summer.
6. DEAL – SRS arranges Shoppes at Veranda Park sale.
The brokerage assisted the seller, Unicorp National Developments, in the $3.2 million disposition of the 17,603-square-foot retail center. Located at 2295 S. Hiawassee Road within the MetroWest master-planned development, the asset was fully leased to eight tenants at the time of sale. JLL represented the buyer in the deal.