LandQwest Commercial presents the latest Commercial Real Estate news across Central Florida for the week of February 11, 2019.
Exclusive: 70-year-old Winter Park shopping center under contract for redevelopment
A shopping center along Orlando Avenue in Winter Park is under contract for a proposed redevelopment.
Maitland-based Equinox Development Properties Inc. is assigning its contract to buy Ranch Mall LLC to Oviedo-based Hill Gray Seven LLC, real estate sources told Orlando Business Journal. The deal for the nearly 2-acre retail center at 415 S. Orlando Ave. is roughly $5.2 million, or about $2.6 million an acre. Hill Gray Seven wants to redevelop the property, but specific plans are unknown at this time
Want to be in Lake Nona Town Center? It may cost you $70 a square foot
The $780 million Lake Nona Town Center — one of the biggest developments underway in Orlando — reportedly is generating rental rates at a price rarely seen in Central Florida.That’s according to real estate sources, who said the project in Central Florida’s fast-growing southeast Orlando community is quoting monthly retail rental rates as high as $70 per square foot — which is more than three times higher than average rates in the area.
All eyes on Taco Bell: Here’s which retailers could be interested in downtown next
Taco Bell Cantina’s future location downtown may be a bellwether for other national brands to follow — if it finds success. Other bigger food brands that could soon follow include Chipotle Mexican Grill Inc. (NYSE: CMG), McDonald’s (NYSE: MCD), Panera Bread Co. and possibly another Starbucks Corp. (Nasdaq: SBUX), according to real estate experts. But it may take years of more density downtown, in terms of new residents and businesses, before additional national food retailers return to the area.
CFE Federal Credit Union to change name as it looks to expand
CFE Federal Credit Union will soon change its name as part of its effort to expand further. The Lake Mary-based credit union will make the changeover to Addition Financial on May 1, with the goal of boosting its footprint past the four-county area in Central Florida, CFE President Kevin Miller told Orlando Business Journal. That could include places like Volusia County, where CFE has more than 5,801 members already.
Here’s when the next phase of a $71.5 million College Park-area project may kick off
Orlando-based real estate firm Foundry Commercial LLC — buoyed by a high-performing industrial market in Central Florida — may exercise an option in the coming months to expand an industrial park along W.D. Judge Road near College Park. Construction on the second phase of the 1.1 million-square-foot Princeton Oaks industrial park may begin in April or May 2020 after the developer wraps up leasing with its first phase, said Moses Salcido, managing director and principal at Foundry. The developer wants to complete its three-building, 280,000-square-foot Phase 1B in the next few weeks after delivering the 230,000-square-foot Phase 1A of the project.
What will happen to existing companies in $480M Packing District?
Industrial developers in Orlando are already looking for opportunities to secure tenants potentially leaving the Packing District — a 202-acre, $480 million redevelopment project set to transform a longtime industrial area in Orlando. That’s because the nonprofit Dr. Phillips Charities wants to repurpose 100-year-old buildings historically used to pack citrus near College Park, which may cause “unavoidable” land use conflicts as new businesses and residents move into the Packing District, according to city documents. The developer has proposed a system to deal with conflicts, including “limits on uses, special design standards and buffering.” There’s an existing 666,492 square feet of active industrial space where tenants such as Sunrise-based traffic control giant Bob’s Barricades Inc., Paradise Grilling Systems and Rush Enterprises Inc. operate.
Exclusive: Goya confirms plans to build massive $42.9M distribution center
New Jersey-based Goya Foods Inc. — the largest Hispanic-owned food company in the U.S. — has confirmed plans to build a new massive distribution center northwest of Orlando that would enlarge its presence in Central Florida as the region grows. Goya plans to build a 330,000-square-foot distribution center on 20 acres after acquiring 40 acres in the Mid-Florida Logistics Park in Apopka, Anna dell Rio Chong, a spokeswoman for the company, told Orlando Business Journal. The food company may build another 330,000 square feet of industrial space on the remaining acreage.
Quantity and quality: Israeli better-burger slider concept plans 7 C. Fla. restaurants
A better-burger chain founded in Israel with a different spin on the traditional hamburger meal has big plans for Central Florida this year — in a smaller package.
Burgerim, which translates to “many burgers” in Hebrew, offers multiple mini burgers or larger sliders in a meal, instead of a single hamburger sandwich. The Encino, Calif.-based chain plans to open its first Orlando-area eatery in mid-2019: a 2,750-square-foot eatery in the Clermont Landing shopping center on U.S. Highway 27 south of State Road 50 in Clermont.