Local cabinetry and millwork manufacturer Woodchuck Industries paid $1.5 million on Wednesday for the opportunity to expand its business, buying a warehouse in northwest Orlando it had been leasing, with space available to grow into.
Located at 3860 Bengert St. off of Silver Star Road, the 1.44-acre parcel features a 46-year-old warehouse with 30,112 square feet of conditioned area.
Company owner Charles "Chuck" Walczak told GrowthSpotter the investment would allow his company to expand without having to relocate again.
"This is a long-term investment for myself and my company, for us to have a home that's something we can take pride in and improve upon," he said. "When this building came up it was perfect for us, the right size, right electrical capacity for all the machinery we operate."
Woodchuck Industries specializes in custom-built cabinetry and millwork for mainly commercial construction, with much of its work lately done on Walt Disney World properties. It had been leasing about 66 percent of the building's space at time of purchase.
The buyer sourced a $1.5 million SBA-style loan from SunTrust Bank to help finance the acquisition, with only a 5 percent down payment required.
In the near-term, Walczak said he'll look to renovate and modernize the company's office space within the building. An existing tenant occupying one third of the building's space has a lease set to expire in July 2018.
The seller was Green Bananas LLC, an investment vehicle of veteran commercial real estate broker Matthew Messier with Foundry Commercial, which previously paid $1.4 million for the property in 2008.