When a group of Winter Park investors purchased a prime corner near Lake Nona's Medical City for $9 million in 2008, they had hoped a big-box retailer would locate there.
Throughout the historic downturn that followed, the group managed to hang onto the 26-acre parcel at Narcoossee and Dowden roads, carving it up for various uses. Last week, it sold half the site to Epoch Properties for a 302-unit apartment complex.
Epoch, which acquired the 13 acres fronting Dowden for about $5.5 million, plans to start work in the next few weeks on the three-story complex with 156 studios/one-bedroom units, 122 two-bedroom units and 24 three-bedroom units. Leases are expected to range from $900 to about $1,300 monthly, said Kyle Riva, board member for Epoch.
Lake Nona has encountered some delays, but it has started to mature, Riva said.
The overall 26-acre site was purchased in 2008 by Lake Nona Investors LLC from an Anheuser-Busch affiliate. The group's plans for a big-box retailer died with the downturn of the real estate market, so it developed part of the site as a CVS pharmacy retail center. Earlier this month it sold that property to Twin City Realty LLC for $4.2 million.
"We never gave any property back during the downturn," said Ryan Stahl, chief executive officer of Equinox Development Properties Inc., which is was part of the group that acquired the land seven years ago. "The one thing about the Lake Nona submarket has been, for the last six years, the number of retailers who have come to us and said: 'We need to be there — just not yet.' "
That sentiment has changed, and the submarket is heating up. Lake Nona Investors also built a 9,000-square-foot retail center there and is getting ready to start construction on a second, similar center. After that, Stahl said, only three outparcels will remain.
CBRE sold an apartment portfolio totaling 1,596 units among 12 properties in Orlando, Daytona Beach, DeLand, Orange City and Jacksonville. The assets sold for $38.5 million and include: Wingwood, Sky Pines and Branchwood in Orlando; Applewood in DeLand; Oak Shade in Orange City; Nova Glen, Nova Wood, Countryside and Volusia Crossing in Daytona Beach; and Kings Crossing, Stonewood and Pelican Pointe in Jacksonville. Shelton Granade, Luke Wickham and Justin Basquill of CBRE's Orlando office, along with Brian Moulder and Dhaval Patel of CBRE's Jacksonville office, represented the seller. The 12 assets were sold to an Atlanta-based owner/operator.
NAI Realvest recently negotiated a long-term lease for 150,000 square feet of industrial space at 2000 Brunswick Lane in DeLand. Paul P. Partyka, managing partner at NAI Realvest, brokered the transaction representing the tenant, Ideal Deals LLC, and the new landlord, Oscar M. Clemmons Living Trust, in care of Greene Realty of Florida LLC, based in DeLand. Ideal Aluminum will continue to operate there.
NAI Realvest also negotiated a new lease for the 4,700-square-foot retail building and parking lot that was formerly a PNC Bank branch at 3850 Orlando Drive in Sanford. Mitch Heidrich, associate at NAI Realvest, and Kevin O'Connor and Matt Cichocki, principals at the firm, represented the landlord, HERDOR LLC of New York City. The new tenant, Off Lease Financial Inc., will operate an auto sales business there.
Cuhaci & Peterson Architects Engineers Planners, Orlando, completed design work on a commercial building off Conway-Windermere and Apopka-Vineland roads. Lonnie Peterson, chairman of the firm, said the south Orlando facility will include 60,000 square feet of offices and retail shops and will be called The Grove.
Sean Strickler, vice president of sales for Del Webb's North Florida division, said a new phase at Del Webb Orlando will include 92 new single-family homes on 40- and 50-foot home sites. New homes at Del Webb Orlando range from 1,600 square feet of living space to 2,931 square feet and are priced from the $160s.
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