Orlando Commercial Real Estate Wrap-Up – June 2020
- Jul 01, 2020
Even with Universal Studios and SeaWorld resuming park operations earlier in June, Orlando remains in a dicey position. Shortly after beginning the process of reopening the economy, the metro’s COVID-19 caseload spiked, leading to many businesses yet again suspending operations. Walt Disney World plans to open its doors to the public on July 11 following months of closure, even as the theme park’s Anaheim, Calif., location pushed out its timeline following guidance from the state. Despite the myriad uncertainties surrounding commercial real estate operations, activity continues to occur as investors, developers and tenants position themselves to come out the other end of the crisis. Check out our June selections of Orlando must-knows:
1. DEAL – McDonald Development sells southern Orlando warehouses for $26 million.
Cushman & Wakefield brokered the sale of the 230,117-square-foot Sand Lake Commerce Center to LBA Logistics. The Class A industrial property was delivered earlier this year and is located at 7705-7725 Winegard Road, some 7 miles south of downtown and 5 miles west of Orlando International Airport. The two buildings feature 28- to 30-foot clear heights, 180 foot truck courts and a total of 79 loading docks and four grade-level drive-in doors.
2. LEASE – Residential tower lands Michael Jordan-themed retail tenant.
The Trophy Room will occupy some 2,000 square feet on the ground floor of Modera Central under a 10-year lease, according to Orlando Business Journal. Mill Creek Residential Trust’s 22-story building came online late last year and has 25,000 square feet of office and 12,500 square feet of retail space in addition to its 350-unit residential component, Yardi Matrix shows. Bishop Beale Duncan acted on behalf of the landlord.
3. M&A – Simon, Taubman dispute leaves Orlando mall’s future uncertain.
Retail giant Simon’s public withdrawal from its previously agreed $3.6 billion merger agreement with Taubman Centers Inc. led a judge to refer the case to mediation before the end of July. Should the merger move forward, Simon will become co-owner of Orlando’s 1.1 million-square-foot luxury Mall at the Millenia. The property at 4200 Conroy Road is 7 miles southwest of downtown, a short distance from Universal Studios.
4. DEVELOPMENT – Area REALTOR Association announces new HQ.
The Orlando Regional REALTOR Association plans to redevelop and move into Orlando Executive Park, a three-building, approximately 100,000-square-foot office property 5 miles north of downtown at 5405, 5420 and 5421 Diplomat Circle. The association acquired the campus in late 2019 for $9.5 million, according to public records. General contractor PBC will break ground on the project in January 2021, with completion slated for the second half of 2022. The company’s current headquarters is located 1 mile west, at 1330 Lee Road.
5. DEVELOPMENT – Mills 50 building slated for redevelopment.
A private investor/developer filed plans to tear down an aging 5,400-square-foot building at 719-723 N. Mills Ave., replacing it with an 8,800-square-foot retail development, according to Orlando Business Journal. 7-Eleven, which closed a store in the building in late 2018, sold the property last summer for $750,000. The neighborhood boasts a diverse retail scene less than 2 miles from downtown Orlando and the city’s executive airport.