Orlando Commercial Real Estate Wrap-Up – July 2020

South Terminal airport project downsizes. GCR leases 37 KSF for center of excellence. Read our July selection of Orlando must-knows.
400 International Parkway. Image courtesy of Colliers International

Several months into the pandemic, Orlando’s tourism and hospitality industries remained in turmoil through July. The 54 event cancellations at the Orange County Convention Center alone will have an economic impact estimated by the county at nearly $1.1 billion. Even the metro’s industrial properties took a hit, barely avoiding negative absorption, a situation not seen since 2011. Although Orlando’s major theme parks have reopened with social distancing measures in place, investors and developers remained wary. Here’s our July selection of must-reads:

1. DEVELOPMENT – South Terminal Complex gets delayed, downsized.

Greater Orlando Aviation Authority cut more than $200 million and removed four gates from the $1.8 billion Terminal C project due to economic challenges posed by COVID-19, according to FOX 35 Orlando. In 2017, construction started on the 2.7 million-square-foot development which is nearly 60 percent complete. The modified plans move the completion date out from late 2021 to February 2022 at the earliest.

2. LEASING – GCR inks 37,000-square-foot lease at Lake Mary office park.

The public sector software and services firm will open a Center of Excellence at 400 International Parkway within Heathrow International Business Center. Starwood Capital Group purchased the six-building campus in 2017 for $151.1 million, Yardi Matrix shows. The 100,821-square-foot, four-story building housing GCR features 28,000-square-foot floorplates and a parking ratio of four spaces per 1,000 square feet. Colliers International represented the tenant.

3. DEVELOPMENT – Orlando Health-anchored MOB debuts in St. Cloud.

Catalyst Healthcare Real Estate delivered the 50,000-square-foot building on the campus of Orlando Health St. Cloud Hospital. Located at 1330 Budinger Ave., the 84-bed facility serves both as a patient access point for the hospital and as a walk-in clinic. Outpatient services include cardiology, diagnostic imaging, gastroenterology, urology and primary care. Celebration Orthopaedic, Sports Medicine Institute and Eye Florida are also on the building’s roster.

4. DEVELOPMENT – StorQuest opens first Kissimmee facility.

The William Warren Group completed the 64,361-square-foot StorQuest Express at 161 Oakwood Drive. The company financed the development with a $4.1 million construction loan from CAMPUS USA Credit Union. The property consists of five single-story buildings. The facility offers climate-controlled and drive-up access units ranging from 25 to 400 square feet.