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Miami investor pays $3.35M for Maitland office & retail property, seeks more

Miami-based real estate professional Shlomo Friedman paid $3.35 million on Dec. 9 to make his first office/retail property investment in Greater Orlando, and is actively seeking more with strong demographic support in the area, the investor told GrowthSpotter on Friday.

Located at 400 S. Orlando Ave. in Maitland, near the intersection of Orlando and E. Ventris Avenue, the 1.08-acre property features a two-story, 21,582-square-foot retail and office building built in 2007.

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A view of the front of the two-story office/retail building recently acquired in Maitland, at 400 S. Orlando Ave.
A view of the front of the two-story office/retail building recently acquired in Maitland, at 400 S. Orlando Ave.(Orange County Property Appraiser)

Friedman works in management and investments for IMC Equity Group out of Miami, formerly known as IMC Property Management. Family vacations in recent years familiarized him with the Orlando market, and a colleague's push to check out Maitland for Friedman's first investment proved fruitful.

"I saw the demographics of Maitland, which were great, and the upcoming mixed-use projects near this property made it an attractive first commercial investment," he said.

Friedman purchased the property with cash, through a combination of his equity and that of a few private investment partners.

The property is near full occupancy, with three restaurants on the first floor and a fitness/training facility, with the second floor occupied by five small business and medical service tenants. One vacancy of about 1,100 square feet remains.

Cindy J. Kilgallon of ARX Real Estate was hired last week to manage the property.

Looking forward, Friedman will seek out more office/retail properties in Orlando submarkets with strong demographics, like high average incomes and areas with projected property development around them, he said.

"We really like this area, and finding more properties like this one would be great," he said.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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