Orlando Commercial Real Estate Wrap-Up – November 2020
- Dec 02, 2020
Commercial real estate activity hummed along in Orlando last month, despite economic uncertainty, with noteworthy retail and industrial deals closing. November also saw the opening of a new hotel, while news of several vaccines making strides raised up hopes for the area’s tourism in general and theme parks in particular. Catch up with our November selection of Orlando must-knows:
1. DEAL – Kissimmee retail center trades for $26 million.
East Coast Acquisitions bought Osceola Village, a 122,845-square-foot, Publix-anchored property from an affiliate of Glenborough LLC. JLL Capital Markets brokered the $26.3 million transaction, which included three adjacent retail pad sites. Built in 2008, the shopping center was 82.4 percent leased at the time of the transaction. The tenant roster includes DaVita, Orlando Health and Visionworks. Located at 3040 Dyer Blvd. on 20 acres, the asset is 17 miles south of central Orlando.
2. DEVELOPMENT – Orlando Health breaks ground on $341 million campus.
Jewett Orthopedic Institute is a 370,000-square-foot project, set to include a 197,000-square-foot inpatient hospital, a 173,000-square-foot pavilion and an attached parking garage. Upon completion, the eight-story hospital will have 75 beds, 10 virtually connected operating rooms, a bio-skills laboratory for research and conference space. Hammes Healthcare is the hospital’s project manager. The site is located on 3 acres at the intersection of Lucerne Terrace and Columbia Street. Completion is scheduled for 2023.
3. DEAL – Realty Income acquires new industrial asset for $71.5 million.
The REIT purchased the recently completed 289,839-square-foot property occupied by Coca-Cola from an entity related to BlueScope Properties Group. According to Orlando Business Journal, JLL’s Sean Devaney, Wilson McDowell and Matt Sullivan brokered the deal. The facility also includes 21.6 acres which can accommodate an additional 90,000 square feet of industrial space. The property is located at 3102 Shelby Industrial Drive in Apopka.
4. DEVELOPMENT – TRYP by Wyndham hotel opens.
The hospitality asset comprises 98 guest rooms and 22 family rooms. Located on Orlando’s I-Drive, the property is situated 13 miles from downtown. The hotel is 8 miles south of Universal Studios Florida and just 1 mile from SeaWorld Orlando. The TRYP by Wyndham is owned by an affiliate of Riviera Pointe Invest + Develop. C&W Hotel Management Co. acts as property manager.