Orlando Commercial Real Estate Wrap-Up – August 2020
- Sep 03, 2020
After a massive spike in new cases earlier this summer, Florida saw its caseload moderate in August. In the meantime, state authorities took efforts to minimize the economic disruption of the pandemic. The state received approval to utilize federal money for unemployment benefits at the end of the month, which could offer Orlando’s residents a critical lifeline, following the pandemic’s sizable impact on the metro’s leisure and hospitality industry.
Even though Orlando’s restaurants and theme parks have reopened with social distancing measures in place, activity in the metro’s commercial real estate sectors was muted in August. Though investment remained slow in most sectors, several key projects moved forward on the development side. Here’s our August selection of Orlando must-reads:
1. DEVELOPMENT – Unicorp National Developments breaks ground on O-Town West.
Plans for the $1 billion development call for office and retail space, as well as apartments and a hotel, according to Orlando Business Journal. The 250,000-square-foot retail component is 92 percent preleased. Marriott Vacations Worldwide Corp. has leased 300,000-square-foot for its new headquarters, slated to deliver in 2022. O-Town West is located near Interstate 4 along Palm Parkway. The project’s 1,000 apartments are expected to open in 2021 and 2022.
2. DEAL – Three-building logistics property sells for $22 million in Oviedo.
Ganesh Holdings sold the 198,000-square-foot Ganesh Industrial Park, which was 96.7 percent leased at the time of the sale. Allied Commercial Partners negotiated on behalf of the seller, and Marcus & Millichap assisted the buyer. Located on 9 acres at 5700, 5707 and 5712 Dot Com Court, the buildings delivered in 2003, 2006 and 2008. The tenant roster includes ELITE Simulation Solutions, ProActive Technologies and Siemens.
3. DEVELOPMENT – McCraney Property Co. kicks off industrial park’s second phase.
The company partnered with Tavistock Group to begin the 733,000-square-foot project within the 1.3 million-square-foot Infinity Park, according to Orlando Business Journal. The development, located near Orange County Convention Center, is home to a range of tenants including Pitney Bowes, which signed a 116,000-square-foot lease at the park earlier in the month. CBRE is marketing the property, slated for completion in 2021.
4. DEAL – JLL arranges $5.9 million sale of office property.
Executive Vice President Darryl Hoffman represented the seller, CDLP Properties LLC. Baldwin Oak LLC acquired the 20,600-square-foot, Class A asset. Built in 2006, the two-story building is occupied by Cuhaci & Peterson Architects and Engineers. Located at 1925 Prospect Ave., the asset is within 2 miles of Orlando Executive Airport.