Ownership behind Miami-based heavy equipment rental company Action Rentals paid a combined $4.05 million last week to enter the Orlando market, buying more than 6.6 acres northwest of Orlando International Airport.
The buyer entity was an investment affiliate of Bruno Ramos, principal in Miami-based BEA Architects and co-owner of Action Rentals.
The 3.3-acre parcel fronting the road at 2704 Jetport Dr. was sold for $2.4 million by Freire Family Partners Ltd, an investment vehicle led by Brazilian real estate broker Alex Freire, who has been operating locally through American Horizons Realty.
He also sold an adjacent 0.33-acre parcel fronting the main road, but addressed as 8201 Collingswood Dr., for $490,000 through a separate LLC affiliate.
"We never put it up for sale, this was an unsolicited offer and when you get an offer like that you have to consider it," Freire told GrowthSpotter. "Our plan is to find a replacement property to invest in to (fulfill a 1031 exchange opportunity)."
Properties near the airport are an initial focal point for Freire based on his comfort level with the submarket's growth and lease demand, he said.
The rear 3.01-acre parcel was sold for $1.16 million by an affiliate of Hollywood-based Tesher Development, managed by developer Lawrence Tesher and his father Dr. Robert Tesher, a retired dentist and real estate investor.
The new Action Rentals store and storage yard will likely displace Fox Rent-a-Car, which has held a long-term lease on the frontage property with a renewal option coming up this November.
Fox could be relocated to the rear of the property, though plans have not been decided yet for the size of the new equipment rental sales building footprint, said David Church, new Orlando market manager for Action Rentals.
No relevant plans or permit applications have been filed by the new owner with the city of Orlando.