A Miami-based real estate investor with large holdings in downtown Orlando paid $2.095 million on Friday for the last vacant commercial tract in the Baldwin Park Village Center.
Located at 4787 New Broad St., the 0.82-acre parcel lies on a highly visible corner in the heart of the 1,100-acre, master-planned community of Baldwin Park.
The parcel is zoned and entitled currently for 80,000 square feet of office in a building up to four stories, with shared surface parking. Sale came with pre-development office plans.
But the property, which boasts a Walk Score of 77, could have those entitlements converted potentially for retail, multifamily or hotel use.
The buyer was Baldwin Park Opportunities B, LLC, an investment vehicle managed by Alex Vadia, whose companies Midtown Opportunities and Midtown Development have played lead roles since 2010 in assembling and redeveloping about 22 acres in downtown Miami as the upscale, mixed-use Midtown Miami district.
Locally, Vadia affiliates also own the 18.69 acres across two city blocks in downtown Orlando that are partially leased by the Orlando Sentinel, and the 3.57 acres one block to the south at 434 N. Orange Ave. that are now under contract to New York-based developer Property Markets Group, which last week filed plans for 867 apartments and 41,000 square feet of retail-commercial.
Vadia did not respond to requests for comment Monday on the Baldwin Park parcel. The property was bought partially on spec, with no guarantee of entitlements conversion.
The seller was an affiliate of Winter Park-based Battaglia Group, which previously paid more than $1.47 million in 2005.
Colliers International Central Florida has marketed the property for Battaglia since mid-2014, with various brokers cycling through. Joe Rossi and Todd Davis ultimately delivered the sale last week.
Vadia will have the opportunity to request a conversion of the 80,000 square feet of office entitlements to other commercial uses, including an estimated 120 hotel rooms, by going through Baldwin Park's master declarant Forge Capital Partners.
Peter H. Collins, managing principal at Forge, told GrowthSpotter on Monday he had preliminary conversations with bidders on the Battaglia site in recent months, and sees a use conversion as the best outcome for Baldwin Park.
"I really don't think that from a development standpoint office will be that successful for them," he said. "There's an oversupply of office space there arguably, and to develop new office in Baldwin Park they'd have to get rental rates well above what the market is commanding now. Some other commercial uses may be more successful for (the buyer) and all of Baldwin Park."