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Waste Pro USA purchases HQ building in Longwood after leasing 17 years

Waste Pro USA purchases HQ building in Longwood after leasing 17 years
A view of The Springs building in Longwood, recently acquired by Waste Pro USA. (Cushman & Wakefield)

Waste Pro USA, one of Central Florida's largest privately owned companies, recently purchased its headquarters building in Longwood for $4.2 million, according to deeds signed in late March and recorded Thursday in Seminole County.

Known as "The Springs," the three-story, 32,934-square-foot building lies on 1.74 acres at 2101 West S.R. 434. It has served as Waste Pro's headquarters for 17 years, where it grew from an initial 2,000 square feet to roughly 15,000 square feet, occupying all of the second floor and part of the third, said Ron Pecora, senior vice president and chief marketing officer.

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"We own a great deal of real estate in the Southeast, but we never did own our corporate office that we are headquartered in," Pecora said.

As Waste Pro's lease was about to expire several years ago, the company made it a condition of renewal that it be allowed to gut and renovate all its office space in the 31-year-old building. That work was done in 2013.

Pecora said the company will lease the rest of the building and existing tenants will stay on. Damien Madsen of Cushman & Wakefield will continue to handle property management, including leasing at the building.

"This (purchase) reflects Waste Pro's permanence in the community," Pecora said. "We're definitely not going anywhere."

The company obtained a mortgage on the property for $3.1 million from First Colony Bank of Florida in Maitland.

The seller was Springs Equity LTD, an affiliate of Winter Park-based developer Tricor Financial Corp. Springs Equity most recently paid about $1.1 million for a 50 percent stake in the property's underlying land in December 2012, and had owned the building since the 1990s.

Waste Pro has 75 locations across the Southeastern United States, including facilities in Orlando and Sanford. With $600 million in annual revenues, Waste Pro is the third-largest, privately owned company in Central Florida, Pecora said.

Editor's Note: This story was updated to correct the total purchase price, which reflects two transactions for the building and ground lease. 

Have a tip about Central Florida development? Contact me at msalinero@outlook.com. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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